Chinese Stocks Open Higher as Shanghai Index Hits Decade Peak, Oil and Gas Sector Maintains Strength

Deep News03-03

On March 3, A-shares opened collectively higher. The Shanghai Composite Index rose 0.16% at the open, the Shenzhen Component Index increased 0.23%, the STAR Composite Index advanced 0.15%, and the ChiNext Index climbed 0.68%.

Oil and gas resource stocks continued their upward trend. Xinjiang Zhundong Petroleum Technology Co.,Ltd., Geo-Jade Petroleum Corporation, along with other sector players such as Shihua Oil Services and Zhongman Petroleum, surged by the daily limit. Tongyuan Petroleum rose more than 15%, while KeLi shares gained over 10%. Companies including Potential Hengxin, Lanyan Holding, Zhongyou Engineering, Haiyou Development, and Guanghui Energy also followed with increases.

After the opening, the Shanghai Composite Index extended gains, rising nearly 0.2% and surpassing the previous high set on January 14, marking its highest level since July 2, 2015.

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