Movement Alert|Shandong Molong Rises 8.28% in Regular Trading, Strait of Hormuz Shipping Drops to Zero Pushing Oil Prices Higher

Market Focus07-20 09:31

On July 20, Shandong Molong rose 8.28% in regular trading, trading at HKD 6.48/share, with turnover of HKD 68.755 million.

On the news front, Iran's Fars News Agency cited sources stating that shipping traffic through the Strait of Hormuz has dropped to zero and will remain closed as long as the US continues provocative actions. The strait carries approximately one-fifth of the world's seaborne crude oil trade. The complete disruption of navigation has sharply intensified market concerns over supply interruption, with Brent crude breaking above USD 90 per barrel.

The oil and gas equipment sector broadly strengthened on the news. Within the sector, SINOPEC SSC rose 3.28%, Dalipal Holdings rose 2.14%, and Anton Oilfield rose 1.28%. Shandong Molong, as a petroleum machinery and equipment manufacturer, had previously been catalyzed by the escalating US-Iran conflict, with its A-shares triggering multiple abnormal trading alerts in recent weeks amid consecutive surges exceeding 20%.

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