On March 2, major stock indices showed mixed performance, with the Shanghai Composite Index opening lower but gaining 0.47% by the close, while the ChiNext Index rose initially before retreating and briefly turning positive during the session. Combined trading volume across the Shanghai, Shenzhen, and Beijing markets reached 3.0458 trillion yuan, an increase of 540.3 billion yuan from the previous day, with over 4,200 stocks declining.

At market close, the Shanghai Composite Index was up 0.47%, the Shenzhen Component Index fell 0.2%, and the ChiNext Index dropped 0.49%.

Notably, oil and gas stocks strengthened again in the afternoon. Petrochina Company Limited hit the daily limit-up, reaching its highest level since April 2015. China Petroleum & Chemical Corporation touched the limit-up during the closing auction, following Cnooc Limited's earlier limit-up. This marked the first time in history that China's "Big Three" oil companies all closed at their daily limit-up prices. Previously, on October 8, 2024, all three had briefly touched limit-up levels during trading.

Historical data shows that as of March 2, 2026, Petrochina Company Limited has recorded a total of 9 limit-up closes. The previous eight occurrences were on September 19, 2008; September 22, 2008; December 4, 2014; January 5, 2015; April 27, 2015; July 6, 2015; July 15, 2015; and January 25, 2024.

Sectors leading the gains included oil and gas exploration services, port and shipping, precious metals, military equipment, coal mining and processing, chemical raw materials, fertilizers, soybeans, and CPO concept stocks. Declining sectors were led by gaming, media, AI applications, cloud computing, tourism and hotels, weight-loss drugs, and retail.

At the time of reporting, Brent crude futures surged nearly 8% to $78.62 per barrel, after having spiked as much as 13% at the open. On February 28, the United States and Israel launched a large-scale joint military strike against Iran. Due to the conflict, shipping through the Strait of Hormuz has stalled, prompting many global oil companies to suspend vessel passages through the area. The Strait of Hormuz is a critical chokepoint for global energy trade, with approximately 20.3 million barrels per day of oil and other liquid fuels transiting through it, accounting for about 20% of global consumption and roughly 27% of global seaborne trade volume.