2026‑02‑24 A‑Share Market Opens Strong, Oil‑and‑Gas Sector Surges

Market‑wide performance

On the first trading day of the Year of the Horse, the Shanghai Composite Index closed up 0.87 % at 4,117.41 points, while the Shenzhen Composite Index and the ChiNext Index rose 1.36 % and 0.99 % respectively. Total trading volume across the Shanghai, Shenzhen and Beijing exchanges reached 22.2 trillion CNY, an increase of 2.194 trillion CNY from the previous day.

Oil‑and‑Gas sector

Oil‑and‑gas companies collectively experienced a “stopping‑price” wave. More than one hundred stocks hit the daily 10 % limit, with key names such as Tong Petrotech (Tong Oil Tools) and Tongyuan Petrochemical among those achieving the limit. The Oil‑and‑Gas Index opened with a 2.93 % jump and ended up 5.20 % higher at 1,539.57 points. Thirty‑nine oil‑sector stocks finished the day in the red, and the overall trend was a sharp reversal from the prior “cold” stance observed before the holiday.

Other sectors

Precious‑metal, petrochemical, glass‑fiber, agricultural chemical, and non‑metallic material sectors posted the largest gains. Conversely, internet, cultural media and tourism-related stocks saw modest declines.

Investor reaction

Institutional and retail investors were drawn to the oil‑and‑gas rally, with many funds citing the recent rise in international oil prices and geopolitical uncertainties as drivers for short‑term volatility. Analysts noted that while a unilateral rise in oil prices is unlikely, the sector is expected to benefit from sustained demand and high price swings in the near term.

Tong Petrotech context

Tong Petrotech, a provider of petroleum exploration and development services, operates in several international markets, including the United States, Indonesia, Kazakhstan, Mexico, and Algeria. Its market capitalisation stands at 6.28 billion CNY, and its 52‑week high and low are 14.43 CNY and 3.33 CNY respectively. The company’s share price closed at 10.68 CNY on 2026‑02‑12, and its price‑earnings ratio is 103.19. The recent market‑wide oil‑sector surge may influence Tong Petrotech’s share performance in the short term, pending company‑specific developments and broader market sentiment.