The Shanghai Stock Index continued its downward trend today, closing at 2930.80, a decrease of 0.4%. This has raised concerns among investors about whether there is support near the previous low. Both the Shenzhen Component Index and the ChiNext Index fell by more than 1%, hitting new lows for the year. However, the BSE 50 stood out, rising by more than 3%, offering a glimmer of hope in an otherwise bearish market.
In terms of funds, the transaction volume in the three cities was 709.1 billion yuan, continuing to decrease. Despite this, there was a northbound inflow of 2.7 billion yuan against the trend. What does this mean for market sentiment? Additionally, various sector concepts saw winners and losers, with shipping, ports, China International Import Expo, and Shanghai Free Trade among the top gainers, while games, space-time big data, perovskite batteries, and flash memory were among the top losers. Investors are advised to carefully consider which sectors to focus on amid the market’s fluctuations.
Overall, individual stocks showed a general downward trend. Of the 864 stocks that rose, 39 reached the daily limit, while 4,396 stocks fell. The profit-making effect was only 16%, indicating the market’s weakness in the short term.
Amidst this downturn, shipping stocks and defensive products such as pharmaceuticals and coal have shown some activity. However, media and gaming stocks plummeted, with Chinese Online falling by more than 10%. High-priced products have also experienced a downtrend, with several stocks hitting the limit.
In light of the current market conditions, experts have offered their opinions on how to navigate the market. With Yang Yong advising patience and predicting a potential inflection point at the end of the year and the beginning of the next, and Zhao Pengpeng highlighting the influence of trading volume and northbound funds on short-term market popularity, investors are urged to be cautious in their decision-making.
In conclusion, the Shanghai Stock Index’s continued decline and the overall weakness of the market have left investors wondering how to operate in the short term. As the market experiences fluctuations in various sectors, it’s crucial for investors to stay informed and seek expert advice to navigate these challenging times.