0603.HK said it had noted unusual fluctuations in share prices and trading volume, but did not know why, reiterating that its natural gas business maintained good growth momentum and, as always, maintained a net cash financial position sufficient to meet capital expenditure and operating needs.

However, the pressure on share prices from industry events may be hard to abate. Based on the close business cooperation between CNPC and Kunlun Energy (0135.HK) and the establishment of a joint venture between the two sides, Morgan Stanley downgraded CNPC from overweight to holding and slashed its target price by 46% to HK $1.10.