(CNA, Shanghai, July 7) The Shanghai Composite Index closed at 3990.24 points today, down 1.26%, marking the fourth time this year it has fallen below the 4000-point mark. The Shenzhen Component Index, ChiNext Index, and STAR 50 Index also closed down.

The Nikkei and Korean stock markets fell sharply today, the Taiwan stock market lost its monthly moving average, and A-shares also experienced volatile adjustments, with all four major indices closing down. As of the close, the Shanghai Composite Index was at 3990.24 points, down 1.26%; the Shenzhen Component Index fell 1.24%, the ChiNext Index fell 0.94%, and the STAR 50 Index fell 0.18%. The turnover in the Shanghai and Shenzhen markets was 2.58 trillion yuan, a decrease of 510 billion yuan from the previous trading day. Nearly 4800 stocks in the entire market fell.

On the market, semiconductors showed strength against the trend, while precious metals, real estate services, pharmaceuticals, oil and gas, minor metals, coal, and baijiu saw the largest declines.

According to statistics from the Shanghai Securities News, the Shanghai Composite Index has fallen below the 4000-point mark four times this year based on closing prices. On March 20, the Shanghai Composite Index fell 1.24% to close at 3957.05 points, the first time it fell below 4000 points this year; it then returned to 4000 points on April 14.

On June 8, the Shanghai Composite Index fell sharply by 1.7% to 3959.34 points, the second time it lost the 4000-point mark; although the index quickly recovered its losses the next day, it fell below the mark again on June 10, closing at 3993.23 points, down 0.42%. After a brief adjustment, it stood above 4000 points again within two trading days, and today it lost the 4000-point mark once more.

Jiemian News quoted Yang Delong, chief economist at Qianhai Kaiyuan Fund, as saying that since July, technology sectors such as chips, semiconductors, and computing power, which had previously seen significant gains, have experienced substantial pullbacks; while traditional sectors that had lagged behind have seen a rebound. "The overall trend of a slow and steady bull market has not changed, and investors should remain confident."

He predicts that sector rotation will accelerate in the second half of the year, unlike the first half which was highly concentrated in a few sectors. After the adjustment is complete, the profit-making effect is expected to spread from technology sectors to more areas, benefiting more investors.

The report also quoted Kuang Zheng, Chief Investment Officer of HSBC Private Banking and Wealth Management China, as saying that the Chinese stock market is highly likely to maintain a pattern of "volatile upward movement and structural differentiation" in the second half of the year. (Editor: Feng Zhao) 1150707

Stand with facts, your every sponsorship is a force to protect press freedom

Download the CNA "One-Stop News" APP for real-time updates

The text, images, and audio on this website may not be reproduced, publicly broadcast, publicly transmitted, or used without authorization.

FACT BOX

  • Source: CNA (Central News Agency)
  • Category: 金融新聞