China Stocks explode in Value... Lead by PetroChina

PetroChina, the nation's largest oil and gas producer, jumped 160 percent to 43.40 yuan in Shanghai. The shares earlier jumped to as high as 48.62 yuan, valuing the company at $1.1 trillion. Exxon is worth $488 billion on the New York Stock Exchange.

The company sold 4 billion shares at 16.7 yuan apiece, the top end of its pricing range, and investors ordered almost 50 times the stock on offer. Today's listing and subsequent rally catapulted China past the U.K. as the world's third-largest stock market by value.

PetroChina Co., which raised $8.9 billion in the world's biggest share sale this year, passed Exxon Mobil Corp. as the world's largest company by market value after surging on its trading debut in Shanghai.

Asian stocks fell after Citigroup Inc. said it will increase writedowns by as much as $11 billion and Chinese Premier Wen Jiabao signaled plans to allow citizens to invest in Hong Kong shares are on hold.