00632 Overview

Market Reaction to Political Statements: Oil and gas stocks fell sharply on October 10 after a surge the previous day, following President Trump's comments about a quick end to the Iran conflict and potential easing of Russian oil sanctions, leading to a 10% drop in international oil prices.

Stock Performance of Key Companies: SHANDONG MOLONG saw a significant decline of 17.53% after a 25% increase the day before, while other companies like PETRO-KING and CHK OIL also experienced notable drops in their stock prices.

Short Selling Activity: There was considerable short selling activity in major oil companies, with CNOOC and PETROCHINA facing significant short selling volumes, indicating bearish sentiment among investors.

SINOPEC's Mixed Performance: While SINOPEC CORP saw a slight increase of 1.4%, other SINOPEC-related stocks experienced declines, reflecting a mixed performance within the sector amidst the overall market downturn.

Middle East Crisis: The situation in the Middle East has escalated, with Iran's Revolutionary Guards claiming to have closed the Strait of Hormuz and threatening to attack ships attempting to pass through.

US Embassy Attack: The US Embassy in Saudi Arabia was reportedly attacked and set on fire by a drone, contributing to rising international oil prices, which have increased for three consecutive days.

Market Reactions: Following a significant drop in the Hang Seng Index (HSI), the market showed some recovery, with oil service stocks experiencing notable speculation and price increases.

Oil Company Performance: Major oil companies displayed mixed performance, with CNOOC and PetroChina seeing gains, while Sinopec experienced a decline, reflecting volatility in the oil market.