PetroChina, one of China's largest oil and gas producers, saw its shares plunge by 6.15% on Tuesday, September 11th, amid a broader sell-off in Hong Kong's equity market. The decline was part of a wider rout in the energy sector, as a slump in crude oil prices revived concerns about the global growth outlook.
Crude oil prices tumbled by more than 4% overnight, hitting their lowest level in nearly three years. The sharp decline in energy prices has raised concerns about the implications for global economic growth, as a sustained period of low oil prices could dampen investment and activity in the energy sector.
The sell-off hit Chinese oil producers particularly hard, with PetroChina, CNOOC, and Sinopec all registering significant losses. The Hang Seng Index, Hong Kong's benchmark stock index, fell 1.3% to a one-month low, reflecting the broader market concerns over the potential impact of slumping oil prices on the global economy.
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