Stock Market Plummets as A-Share Indexes Fall, Shanghai Composite Barely Holds on
On April 16, the stock market experienced a significant decline as the three major A-share indexes fell collectively. The Shanghai Composite Index barely held on to the 3,000-point mark amidst the downturn. The Shanghai Stock Exchange Index fell by 1.62%, the Shenzhen Component Index fell by 2.29%, the GEM Index fell by 1.97%, and the BSE 50 Index fell by 3.87%. The turnover of the Shanghai, Shenzhen, and Beijing markets was 952.1 billion yuan, a decrease of 50 billion yuan from the previous day. More than 5,000 stocks in the two cities fell, and northbound funds sold a net 2.792 billion yuan.
In terms of sector themes, kitchen and bathroom appliances, Chinese prefix stocks, and banking sectors were among the top gainers, while shell resources, hotels and catering, and reducer concepts were among the top losers.
The China Headquarters sector remained active, with companies like China National Nuclear Technology, China Public Hi-Tech, and China Haicheng hitting their daily limit. The market also saw a strengthening of the kitchen and bathroom appliances concept in the afternoon, with companies like Martian, Yitian Intelligent, and Shuaifeng Electric performing well.
In recent news, the “Action Plan for Promoting Trade-in of Consumer Goods for New” emphasized the importance of improving the recycling system of used home appliances and supporting the trade-in of old home appliances. Data from the National Bureau of Statistics showed a year-on-year increase of 5.8% in retail sales of household appliances and audio-visual equipment in March.
Small and micro-cap stocks continued to plummet, with over 700 stocks in the two cities falling below their limits. The ST sector also saw a decline, with stocks like ST Hengjiu, *ST Minkong, and others exceeding the 30 limit. On the news front, the new “Nine National Regulations” proposed to increase the implementation of standardized delisting, prompting revisions to relevant delisting rules on the Shanghai and Shenzhen Stock Exchanges.
Tourism and hotel stocks were among the top losers, with companies like Dalian Sunya, Qujiang Culture and Tourism, and others falling by the limit.
Additionally, at a press conference held by the State Council Information Office on April 16, it was revealed that my country’s GDP in the first quarter exceeded 29 trillion yuan, marking a year-on-year increase of 5.3%. Deputy director of the National Bureau of Statistics, Sheng Laiyun, highlighted the positive performance of the national economy in the first quarter of 2024.
(Source of article: Southern Metropolis Daily)