Chinese stocks roar on first trading day of the Year of the Tiger

Chinese stocks performed well on the first trading day of the Year of the Tiger, reversing declines ahead of the Chinese New Year holiday.

The benchmark Shanghai Composite Index climbed 2.03% to close at 3,429.58 points on Monday, getting off to a strong start to the year of the tiger, while the smaller Shenzhen Component Index rose 0. .96% at 13,456.65 points.

The NASDAQ-style ChiNext composite index edged up 0.31% and the STAR 50 also finished up 0.36%.

On the two main exchanges in Shanghai and Shenzhen, about 3,500 listed companies posted gains during the session.

Among sectors, shares of oil and petrochemicals led the gains, boosted by higher international oil prices. PetroChina Co Ltd jumped more than 9.5%, while China Oilfield Services Ltd, Zhongman Petroleum and Natural Gas Group Corp and China Petroleum Engineering Co all jumped to hit the 10% daily cap.

The construction industry also performed well, with nearly 20 A-rated companies up 10% or less.

Bing Dwen Dwen (left), one of the official mascots of the current 2022 Winter Olympics, has been so popular that mascot-related businesses have also caught the eye of investors.

It should be noted that with Bing Dwen Dwen, one of the official mascots of the ongoing 2022 Winter Olympics, going viral and Bing Dwen Dwen dolls selling out in authorized stores, businesses related to the mascot also attracted the attention of investors.

Manufacturers and franchise dealers of Bing Dwen Dwen souvenirs saw their stock prices soar on Monday, among which Beijing Yuanlong Yato Culture Dissemination Co and Cultural Investment Holdings Co jumped a daily high of 10%.

There are currently 29 franchise manufacturers and 58 franchise retailers for Beijing 2022 souvenirs, including listed companies Anta Sports (Hong Kong Stock Exchange), Shenzhen-listed Yuanlong Yato, and Cultural Investment Holdings Co and Wangfujing Group, both in the Shanghai market.

Yuanlong Yato has been licensed to produce non-metallic souvenirs such as badges and key chains, precious metal products, dolls and toys, while Cultural Investment can produce precious metal products, handicrafts and ceramic products.

Coal companies, steel stocks, the auto industry and infrastructure-related stocks were all among the main gainers.

Shares of the hardware, media and alcohol sector, however, saw declines overall, according to data from Wind Information.

About Mariel Baker

Check Also

Robinhood Announces New Noncustodial Crypto Wallet Allowing Investors to Store Digital Assets, Including NFTs

Robinhood announced on Tuesday that it is releasing a noncustodial cryptocurrency wallet in a standalone …