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Chinese stock indices fall amid tensions in Strait of Hormuz

The main indices of the Shanghai and Shenzhen stock exchanges fell by 1.43% and 3.07%

SHANGHAI, March 3. /TASS/. The main indices of the Shanghai and Shenzhen stock exchanges fell by 1.43% and 3.07%, respectively, amid uncertainty surrounding vessel passage through the Strait of Hormuz. The Shanghai Composite dropped to 4,122.67 points, while the Shenzhen Component declined to 14,022.39 points, according to trading data.

At the same time, certain sectors — oil companies, utilities and logistics services — showed notable gains. China’s three oil and gas giants hit their daily limit-up on the Shanghai exchange: CNOOC shares rose by 10.01%, CNPC by 10.04%, and Sinopec by 9.99%.

Shares of shipping company COSCO Shipping climbed 9.91%, while its subsidiary COSCO Shipping Energy Transportation gained 9.98%. Gas company ENN Energy Holdings Limited advanced 10.02%.

High-tech indices Star Market and ChiNext fell by 5.38% and 2.57%, to 1,729.17 points and 3,209.48 points, respectively.

Earlier, Major General Ebrahim Jabbari, adviser to the commander of the Islamic Revolutionary Guard Corps (elite units of Iran’s armed forces), threatened to burn any tanker attempting to pass through the Strait of Hormuz. By various estimates, 40-50% of China’s oil imports pass through the strait.