Petro China & the equity markets

The stock markets have been on a bull ride for some time now. The emerging markets of China & India have especially done well.

The Market Capitalization of Petro China crossed US$1 Trillion, thus making it bigger (in terms of market capitalization) than the Indian GDP! Is this a true indicator of the performance of Petro China or a indicator of the over-optimism prevalent in the equity markets at this point of time? Logic would indicate that it’s the latter rather than the former.

But logic is not something we associate the equity markets with, especially in such "Bullish" times!