March 9th: A-shares bottom out and rebound; Oil and gas concept "Big Three Oil" show divergent gains; multiple stocks hit the daily limit but "break the board"

The A-share market experienced fluctuations in the early trading session, but showed a rebound towards the end of the day. The three major indices closed slightly lower, with the Shanghai Composite down 0.67%, the Shenzhen Component down 0.74%, and the ChiNext Index down 0.64%. Despite the overall weak market performance, the oil and gas sector stood out as a highlight, with individual stocks showing significant divergence.

China National Offshore Oil Corporation (600938.SH) performed notably in the morning, opening at the limit-up price of 44.54 yuan per share, reaching a new high since its listing on the A-share market in April 2022. However, the stock later pulled back, ultimately closing up 7.09% at 43.36 yuan per share. China National Petroleum Corporation (601857.SH) and China Petroleum & Chemical Corporation (600028.SH) also gained strength, closing up 5.04% and 1.74% respectively, at 12.92 yuan and 7 yuan per share.

Overall, oil and gas concept stocks showed a pattern of opening high and then declining. Several stocks such as Shandong Molong (002490.SZ), Zhunyou Co., Ltd. (002207.SZ), and China Oilfield Services (600339.SH) hit the daily limit-up in the morning but failed to maintain the limit. Among them, Zhunyou Co., Ltd. has been particularly active recently, hitting the limit-up four times within six trading days, but closed the day slightly down by 0.15%, indicating intensified market competition for funds.

Market analysts pointed out that the movement in the oil and gas sector is closely related to international oil price fluctuations, but the divergence among individual stocks reflects differing opinions among investors about the future market. Some funds chose to take profits, leading to frequent “breaking the limit” of stocks at the limit-up, while the relative strength of heavyweight stocks provided some support to the indices.