labels: stock markets - world, at&t, economy - general
China Life overtakes AT&T in market cap as China beats US in Top 10 numbers news
30 October 2007

Mumbai: China Life Insurance Co. overtook AT&T of the United States in terms of market capitalisation even as China claimed five of the world''s 10 largest companies, compared to three for the US.

China Life, PetroChina Co., China Mobile Ltd., Industrial and Commercial Bank of China Ltd. and China Petroleum and Chemical Corp. are now in the list of the world''s 10 biggest companies by market value. Only two of those are in the top 50 by sales.

The three US companies in the top 10 by market value are Exxon Mobil Corp., General Electric Co. and Microsoft Corp.

Russia''s Gazprom OAO and The Hague-based Royal Dutch Shell Plc complete the list. Exxon Mobil retains its No. 1 place.

The People''s Bank of China has told lenders to set aside more reserves eight times this year, most recently on October 13, and has raised interest rates five times to help cool the economy.

China''s stock rally has almost tripled its benchmark index this year, prompting securities regulators to say on October 16 that the market holds ``great risks.''''

The CSI 300 Index, which tracks yuan-denominated shares traded on the Shanghai and Shenzhen stock exchanges, has risen 169 per cent this year.

Shares in Hong Kong, where the five biggest Chinese companies are listed, have surged 45 per cent since China''s government said on August 20 that some of its 1.3 billion citizens will be allowed to invest in the city''s stock market.

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China Life overtakes AT&T in market cap as China beats US in Top 10 numbers