Goldman Sachs props up PetroChina after poor IPO

Goldman Sachs has been actively buying PetroChina shares in New York and Hong Kong in an effort to stem losses on the stock''s first day of trading

Goldman Sachs has been buying PetroChina shares in both New York and Hong Kong in an effort to stop the price tumbling in the wake of the stock's listing.

I reckon last night Goldman Sachs picked up $200 million worth, says one sales trader. I reckon today Goldman accounted for around 75% of turnover in the stock.

The ADS' traded in a narrow range when they made their debut in New York last night and the counter closed at $16.44, unchanged from its issue price. In Hong Kong trading today, Goldman has been buying PetroChina H-shares all the way down from their HK$1.27 issue price.

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