Hong Kong stock anomalies | The US and Iran agree to a two-week ceasefire, causing oil prices to plummet. Shandong Molong(00568) fell nearly 15%, CNOOC(00883) dropped over 5%.

Zhitong Finance APP learned that oil and gas stocks opened significantly lower. As of the time of publication, Shandong Molong (00568) was down 14.94%, at HK$7.86; Sinopec Oilfield Service (01033) was down 7.61%, at HK$0.85; Bailing Oilfield Service (02178) was down 6.78%, at HK$0.275; and CNOOC (00883) was down 5.26%, at HK$25.6.

On the news front, tensions in the Middle East have seen a reversal. Trump announced that he has accepted a proposal for a two-week ceasefire from the mediator Pakistan. Israel and Iran have also accepted the proposal. The Iranian side said that on April 10, this Friday, Iran-U.S. talks will begin this week in Islamabad, the capital of Pakistan. In addition, in the early hours of April 8, Iran’s Foreign Minister Alaragqi announced on behalf of Iran’s Supreme National Security Council that the Strait of Hormuz will achieve secure navigation within two weeks. As a result, international oil prices have continued to plunge. WTI crude oil futures once fell by more than 19%, with the intraday low at $91.05 per barrel.

Also, according to the latest report from CCTV News, Pakistan’s Prime Minister Shehbaz Sharif has invited representatives from Iran and the United States to go to Islamabad, Pakistan’s capital, to carry out talks. Shehbaz Sharif also said that the ceasefire between the Iran and U.S. sides will take effect at 3:30 a.m. Iran time on April 8 (8:00 a.m. Beijing time on April 8).