PetroChina Overtakes Toyota as Asia’s Biggest Company

PetroChina Co. became Asia’s largest company by market value, overtaking Toyota Motor Corp., as shares in China’s No. 1 petroleum producer rose to a record on higher oil prices.

The stock rose 3.5 percent to HK$5.85 today. It has gained 25 percent since the beginning of May, taking the Beijing-based company’s market value to HK$1.03 trillion ($133.4 billion). Toyota, the world’s second-largest automaker, was worth 14.04 trillion yen ($127.8 billion) at the close.