The Chinese Stock Market Rebounds with ChiNext Index Leading Gains
In a day marked by fluctuations and rebounds, the Chinese stock market saw the ChiNext Index leading the gains, while both the Shanghai Stock Exchange Index and the Shenzhen Component Index hit new highs for the year. By the close of the trading day, the Shanghai Stock Exchange Index rose by 0.83%, the Shenzhen Component Index rose by 1.55%, and the ChiNext Index rose by 1.87%.
On the positive side, lithium batteries and other new energy track stocks rebounded collectively, with more than 10 stocks including Tianli Lithium Energy, Lingpai Technology, Hezong Technology, and Tianji Shares hitting their daily limit. Additionally, shipping stocks collectively strengthened, with Phoenix Shipping and COSCO Shipping hitting their daily limit.
The real estate sector also saw gains during the session, with airport shares and Guangyu Group reaching their daily limit. Cellular immunotherapy concept stocks remained strong, with companies like Tailin Biotechnology, Kaineng Health, and Zhongyuan Xiehe hitting their daily limit as well.
On the downside, dye stocks fell into correction, with United Chemical falling nearly 10%. Despite this, individual stocks rose more than they fell, with over 4,200 stocks seeing gains in the market.
The turnover of the Shanghai and Shenzhen stock markets for the day reached 901.1 billion yuan, which was 36.7 billion yuan higher than the previous trading day. CATL, Wanfeng Aowei, and COSCO Shipping Holdings were among the individual stocks with turnovers exceeding 4 billion yuan.
Northbound funds made a substantial net purchase of 8.014 billion yuan throughout the day, after reducing their positions for two consecutive days. The net purchase of Shanghai Stock Connect was 3.925 billion yuan, while the net purchase of Shenzhen Stock Connect was 4.09 billion yuan.
Overall, the Chinese stock market showed resilience and strength, with various sectors performing well and investors showing confidence in the market’s stability.