Oil and gas stocks, futures, ETFs, surge against the market in the afternoon!

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Market adjustment, significant gains in oil and gas stocks, futures, and funds.

The A-share market today (April 2) performed relatively sluggishly, further declining in the afternoon.

Fluctuations in oil and gas prices continue to impact the market, with domestic oil and gas-related stocks, futures, and funds (mainly ETFs) rallying strongly in the afternoon.

Oil and gas stocks, futures, and ETFs rally together in the afternoon

The overall performance of the A-share market today was quite sluggish, with further declines in the afternoon. By the close, the Shanghai Composite Index fell 0.74%, the Shenzhen Component Index dropped 1.60%, the ChiNext Index declined 2.31%, and the STAR Market Composite Index decreased 2.56%.

Looking at specific industry sectors, most sectors declined by the close. According to Shenwan’s first-level industry classification, computer, electronics, media, comprehensive, real estate, electrical equipment, and communications sectors led the declines, each falling more than 2%. Non-ferrous metals, defense military, social services, and non-bank financial sectors also performed relatively weakly.

The petroleum and petrochemical sector showed a clear upward trend, with gains expanding in the afternoon, including stocks like Bohui Shares, China Oil Engineering, Heshun Petroleum, Compton, Blue Flame Holdings, and Beiken Energy, all hitting the daily limit.

In the afternoon today, domestic crude oil futures and fuel oil futures also surged significantly. By the close, the main contract of domestic crude oil futures rose 3.66%, and the main contract of domestic fuel oil futures increased 3.64%.

Several domestic oil and gas ETFs also soared accordingly. Notably, the SPDR Oil & Gas ETF surged 6.51%, and the CSI SPDR Oil & Gas ETF increased 5.95%.

According to Xinhua News Agency, on the 2nd, the U.S. Embassy in Iraq issued a security warning stating that Iraqi militia forces might launch attacks in central Baghdad within the next 24 to 48 hours. The embassy urged U.S. citizens in Iraq to evacuate immediately. Since the large-scale military operations launched by the U.S. and Israel against Iran on February 28, the Iran-linked Iraqi Shia militia “Popular Mobilization Forces” have been frequently targeted across various locations in Iraq, with the group claiming the attacks are carried out by the U.S. and Israel.

Hong Kong stocks overall remain sluggish

The Hong Kong stock market showed choppy trading today, with overall weak performance. The decline widened in the afternoon but narrowed near the close.

In terms of industry sector performance, information technology, materials, and real estate sectors led the declines, while energy and healthcare sectors performed better.

Among the Hang Seng ETF constituents, Shandong Molong stocks surged in the afternoon, with intraday gains exceeding 28%, and closing up 16.37%.

Chery Automobile also saw a strong rally in the afternoon, with intraday gains over 16%, and closing up 15.26%.

Chery Automobile previously announced that its March 2026 sales figures showed a total of 228,451 vehicles across its five major brands, an increase of about 15% compared to the same period last year.

Multiple convertible bonds plummeted

The convertible bond market also performed poorly today, with the CSI Convertible Bond Index down 1.04%, and many convertible bonds experiencing sharp declines.

Longda Convertible Bond closed down 14.58%. On the evening of April 1, Longda Food (rights protection) issued an announcement stating it would not revise the conversion price of the “Longda Convertible Bond.” The announcement said that on April 1, 2026, the company’s sixth board of directors approved the proposal not to lower the conversion price of the “Longda Convertible Bond,” and the board decided not to exercise the right to lower the conversion price. Furthermore, if the conversion price is triggered to be lowered again within the next month (from April 2 to May 1, 2026), no plan to lower it will be proposed.

Additionally, Hengshuai Convertible Bond plunged 11.51%, Z East Time Convertible Bond fell 10.06%, and Heda Convertible Bond declined 8.78%.