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Chinese energy stock advanced on Thursday as turmoil increased in Iraq. The Brent crude surged $114 this morning, lifting sentiment for oil producers. CNOOC Ltd. (NYSE:CEO), China's offshore oil specialist, advanced $1.9 to $175.01 followed closely by Sinopec (NYSE:SNP). Petrochina (NYSE:PTR) did not budge but is expected to catch up with the rest of the industry on Friday.
NetEase Inc. (NASDAQ:NTES) was the winner of the day last night thanks to a $3.4 surge. This significant increase is even sweeter considering that most other Chinese stocks advanced just less than a dollar. See chart below.
SouFun Holdings (NYSE:SFUN) fell the hardest on Thursday. Home prices continue to fall in China, negatively effecting SFUN's business. The stock fell as much as 50% in the last three months.
Baidu Inc. (NASDAQ:BIDU) and China Life Insurance (NYSE:LFC) fell along the market on Thursday. See chart above. Remember, size of bubble represents market capitalization.