Year of the Horse Kicks Off with Market Rally: Shanghai Composite Gains 0.87% Amid Heavy Trading, Over 100 Stocks Hit Limit-Up

Deep News02-24 16:15

The Year of the Horse began with a strong start for the stock market. On February 24, after an initial surge, the market pared some gains, with the ChiNext Index rising over 2% at one point during the session. The combined trading volume on the Shanghai and Shenzhen exchanges reached 2.2 trillion yuan, an increase of 219.4 billion yuan compared to the previous trading day. At the close, the Shanghai Composite Index was up 0.87%, the Shenzhen Component Index rose 1.36%, and the ChiNext Index advanced 0.99%. Market hotspots rotated rapidly, with over 4,000 stocks gaining across the board, 109 of which surged by the 10% daily limit. By sector, oil and gas stocks collectively rose, with Tongyuan Petroleum, Zhunyou Shares, Shandong Molong, and China Oilfield Services among those hitting the upper limit. The chemical sector saw a significant surge, with Meibang Shares securing its fourth consecutive limit-up, and Hongbaoli, Hongqiang Shares, Chengxing Co., Ltd., and Jinpu Titanium also rising by the 10% limit. The lab-grown diamond concept surged, with Sifangda rising by the 20% limit and Huanghe Xuanfeng also hitting the upper limit. The fiberglass concept remained active, with International Composites gaining for the second time in four days, continuing to set new historical highs.

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