Market Updates
China Markets Lose Momentum After Crude Oil Prices Rebounded Towards $100
Li Chen
12 Mar, 2026
Hong Kong
Stocks in China and Hong Kong declined as the Middle East conflict showed no sign of easing.
The Hang Seng Index decreased 1.2%, and the CSI 300 Index dropped 1% amid resurgent uncertainty related to shipments through the Strait of Hormuz, a vital waterway for oil transportation.
The U.S. and Israel carried out multiple strikes in Iran, hoping that the continued attacks will weaken the Iranian government's resolve to fight and facilitate the reopening of the key artery of oil shipments.
In retaliation, Iran stepped up attacks targeting cargo airports in the UAE, Saudi Arabia, and Qatar.
Brent crude oil prices soared 7% to $98.35 a barrel as missile strikes continued unabated in the Middle East.
Despite Israel's media blanket, local contacts in Haifa and Jerusalem are confirming Iran's missiles and drones are successfully passing through the so-called Iron Dome and wreaking havoc on local infrastructure.
The International Energy Agency, a 32-member group of wealthy nations, is planning to release as much as 400 million barrels of crude oil, hoping to dent prices.
However, the IEA's news was overshadowed by Iraq's closure of oil ports after two tankers were successfully attacked.
China Indexes and Stocks
The Hang Seng Index decreased 1.2% to 25,579.52, and the CSI 300 Index declined 1% to 4,659.06.
CNOOC Ltd. increased 4.2% to HK $29.24, PetroChina gained 2.2% to HK $10.73, and China Petroleum and Chemical decreased 1.1% to HK $4.98.
Li Ning Co. Ltd. decreased 4.6% to HK $19.07, Nongfu Spring Co. Ltd. declined 5.4% to HK $42.82, and JD Logistics advanced 2.7% to HK $14.00.
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