October 18, 2010 (Chinavestor) Templeton Asset Management, the asset management of unit of the investment management firm Franklin Resources, has increased its stake in PetroChina (NYSE:PTR), China's largest oil company, to to 5.03% from the previous 4.94%, according to Hong Kong securities regulators.
The Hong Kong Exchanges and Clearing said Templeton Asset Management informed it that it purchased 18.88 million PetroChina (NYSE:PTR) shares at an average share price of HK$9.77 apiece.
Last week, Templeton's Mark Mobius, who manages $45 billion across more than a dozen international funds, said he believes the current rally in Chinese stocks is "sustainable" and that Chinese stocks are taking their turn to run higher after being outperformed by several other Asian markets this year.
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