Chinese shares roar on first trading day of Year of the Tiger
Chinese shares performed strongly on the first trading day of the Year of the Tiger, reversing the slumps before the Chinese New Year holiday.
The benchmark Shanghai Composite Index soared 2.03 percent to close at 3,429.58 points on Monday, getting off to a good start in the Year of the Tiger, while the smaller Shenzhen Component Index rose 0.96 percent to 13,456.65 points.
The NASDAQ-style ChiNext Composite Index edged up 0.31 percent, and the STAR 50 also ended 0.36 percent higher.
On the two major bourses in Shanghai and Shenzhen, around 3,500 listed firms posted gains in the session.
Among sectors, petroleum and petrochemical shares led the gains, boosted by the upswing in international oil prices. PetroChina Co Ltd jumped over 9.5 percent, while China Oilfield Services Ltd, Zhongman Petroleum and Natural Gas Group Corp, and China Petroleum Engineering Co all surged to hit the 10 percent daily cap.
The construction industry also performed strongly, with nearly 20 A-listed firms scaling up by the maximum 10 percent.
Of note, with Bing Dwen Dwen, one of the official mascots of the ongoing 2022 Winter Olympics, going viral and Bing Dwen Dwen dolls getting sold out at authorized stores, companies related to the mascot also drew investors' attention.
Franchising manufacturers and dealers of Bing Dwen Dwen souvenirs saw their stock prices skyrocket on Monday, among which Beijing Yuanlong Yato Culture Dissemination Co and Cultural Investment Holdings Co surged by the daily maximum of 10 percent.
There are currently 29 franchising manufacturers and 58 franchiser retailers for Beijing 2022 souvenirs, including listed firms Anta Sports (on the Hong Kong bourse), Shenzhen-listed Yuanlong Yato, and Cultural Investment Holdings Co and Wangfujing Group, both on the Shanghai market.
Yuanlong Yato was licensed to produce non-metallic souvenirs such as badges and keychains, precious metal products, and dolls and toys, while Cultural Investment can produce precious metal products, handicrafts, and ceramic goods.
Coal firms, iron and steel shares, the automobile industry and stocks related to infrastructure were all among the biggest gainers.
The computer hardware sector, media and liquor shares, however, posted declines in general, data from Wind Information showed.