HK Stock Market Move | China Oilfield Services (02883) rises nearly 5% Geopolitical risks drive oil prices higher, upstream capital spending expected to remain high
CNOOC Service (02883) rose nearly 5% again, as of the press release, it rose by 3.91%, to 7.97 Hong Kong dollars, with a trading volume of 1.4 billion Hong Kong dollars.
China Oilfield Services (02883) rose by nearly 5%, as of the time of publication, it had risen by 3.91% to HK$7.97, with a trading volume of HK$140 million.
On the news front, US President Trump has escalated his tough stance against Iran, causing market concerns that the US may take intervention actions. International oil prices have surged to the highest level in two months in response. According to LSEG data, due to the geopolitical tensions in Iran and Venezuela supporting global benchmark prices, the premium of Brent crude oil over Middle East benchmark Dubai crude oil reached the highest level since July on Tuesday.
EB SECURITIES released a research report stating that the high upstream capital expenditures in China will effectively guarantee the growth of upstream reserves, benefiting oilfield service companies. In addition, the "Big Three" oil companies are actively responding to the Belt and Road Initiative, deepening their overseas business layout. Subsidiary engineering companies are leveraging the advantages of their parent company platforms to seize new opportunities in overseas markets, with hopes of achieving sustained breakthroughs in the development of overseas business.
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