The Shangai Composite Index Closes 2.67% Higher

The Shangai Composite Index went up by 104 points or 2.67 percent on Wednesday to close at 3994 points. The rise was led by China Eastern Airlin (9.91%), China Molybdenum (8.52%) and Avic Aviation Engine (8.28%).

The Shanghai Composite climbed 2.69% to close at 3,995 on Wednesday, while the Shenzhen Component surged 4.79% to 14,042, with both benchmark indices hitting their highest level in nearly three weeks as market optimism was fueled by the ceasefire agreement reached in the Middle East. The ceasefire, which will take effect immediately, includes a two-week suspension of US and Israeli airstrikes on Iran, contingent on Iran reopening the Strait of Hormuz to ensure safe passage for global oil shipments. Amid global volatility, China announced it would keep retail gasoline and diesel prices unchanged starting April 8, while also instructing state oil giants to ensure steady production. Tech stocks continued their strong performance, with Zhongji Innolight, Eoptolink Technology, and NAURA Technology soaring between 8.77% and 10.69%. In contrast, energy stocks such as PetroChina (-4.62%), CNOOC (-6.01%), and China Shenhua Energy (-3.43%) were among the worst laggards.

The Shangai Composite Index rose 11 points or 0.28 percent on Tuesday to close at 3891 points. Leading the gains are Hengli Petrochemical (5.47%), China Coal (4.54%) and Inner Mongolia BaoTou Steel (4.14%). Top losers were Avic Aviation Engine (-5.10%), China Fortune (-4.32%) and China Pacific Insu (-2.75%).