HONG KONG, May 5 (Xinhua) -- PetroChina, the largest mainland oil producer listed in Hong Kong, definitely became the shining star during Friday's trading, leading the depressing Hong Kong market to a more bright future, as the oil giant announced more than one billion tons of oil discovery around the Bohai Bay.

    Its share price went up 14 percent to 10.16 HK dollars from previous close of 8.9 HK dollars with a turnover of 11.7 billion HK dollars, over 17 percent of Friday's turnover of 66.9 billion HK dollars.

    And one of its call warrants surged 10 times higher than the previous close incited by the encouraging news, a big surprise to its warrants investors as most of its call buyers are endangered to lose money because of PetroChina's previous dull performance.

    Hong Kong stock market experienced ups and downs with subdued turnover last week as the Chinese central bank began to introduce containing policy aiming at cooling down the economy and preventing mainland stock markets from bubble break since some critics keep warning the skyrocketing market may become too dangerous as more and more small investors entering without any basic stock knowledge and analysis.

    Hong Kong market, which becomes more and more sensitive to Chinese mainland's economic policy, therefore was on high alert against further money containing policy from the central bank and most investors were watching instead of trading since the mainland stock markets closed during the week-long May Day holiday.

    Analysts of Hong Kong market predicted that H-shares can not find its direction at the beginning of May since the market is waiting some important financial data from the U.S. and the trading of this week would be interrupted by May Day holiday though it is only one day holiday in Hong Kong.

    The market did follow the broker's forecast during the previous three day's trading until Friday when PetroChina announced its big oil discovery which makes China rank ninth in the world's 10 largest oil reserves following Russia but before Libya. The news set PetroChina's share price rocket high Friday with crazy trading volume, especially when warrants issuers busy with buying for mutual exchange.

    A veteran investor said he believed the oil find may relieve some of the energy worries of China whose oil supply can not keep up with its fast development of economy with 40 percent oil consumption in 2006 relying on oil imports.

    However, there are some brokers asking investors to be more rational since the profits of the oil find may not be immediately reflected and the cost of digging and operating may largely increase in the coming two years.

    Besides, Berkshire Hathaway Inc, the investing fund of Warren Buffet plans to sell its 13.35 percent H-share of PetroChina and the board will make their decision on Saturday. The market's confidence may be shaken if Berkshire Hathaway decides to sell.