The Shanghai Composite Index recovers above 3900 points

Reporter | Zhang Jiayu

Editor | Zeng Jingjiao

On March 25 at the start of trading, all four major A-share indices opened higher and then moved up steadily. As of 9:40, the Shanghai Composite Index was up 0.7% to 3,908.34 points; the Shenzhen Component Index was up 1.61%; the ChiNext Index was up 1.45%; and the STAR Market Composite Index was up 1.94%. More than 4,500 stocks rose across the market. Sectors such as gold-related concepts, optical communication modules, and CPO concepts led the gains.

Photo source: 21 Finance client

CPO concepts were active at the open. Mingtong Optoelectronics hit the daily limit. Changguang Huaxin, Yuanjie Technology, FiberHome, Huilv Ecology, Xin Yisheng, Jockey Optics, Tianfu Communication, and Robotech all opened higher. On the news front, U.S. stocks in the optical communication concept led the way: Lumentum rose 10% and hit a new intraday record high; Coherent rose 6.78%. In addition, China has refreshed its optical communication transmission record—its first real-time two-way transmission capacity of 2.5 petabits per second (Pb/s) on a 10.3-kilometer, 24-core single-mode optical fiber.

The lithium mine concept continued to show strong momentum. Rongjie Co., Ltd. notched a second consecutive daily limit. Tibet Chengtou, Huayou Cobalt, Tibet Mining, Tianqi Lithium, and others followed higher. On the news front, Guangqiang Futures Exchange’s main contract for lithium carbonate broke through 160,000 yuan/ton intraday, and was up more than 5% at the time.

Precious metals concepts were active. Xiaocheng Technology rose by nearly 10%. Hunan Baileag, Xingye Silver & Tin, Shengda Resources, Chifeng Gold, Shan Jin International, Shandong Gold, and others followed higher. On the news front, spot gold’s intraday gain widened to 2.5%, quoted at $4,583.79 per ounce.

The oil and gas sector opened broadly lower. Tongyuan Petroleum fell by more than 10%. Intercontinental Oil & Gas, Shouhua Gas, Shandong Molong, Xinnatural Gas, Zhongman Petroleum, PetroChina, and CNOOC all saw leading declines. Some Hong Kong-listed oil-and-gas equipment shares moved lower as well: Shandong Molong fell by more than 6%, Broad Qinyou Oilfield Services fell by more than 4%, and Sinopec’s oilfield services fell by more than 2%. On the news front, both NYMEX crude oil and Brent crude oil main contracts fell by more than 5% intraday.

Hong Kong stocks opened higher. As of the time of publication, the Hang Seng Index was up 0.97%, and the Hang Seng Tech Index was up 1.74%. Internet and tech stocks rose across the board: SenseTime rose by more than 3%, and Kuaishou, Alibaba, Trip.com Group, and NetEase all rose by more than 1%.

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