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Shanghai & Shenzhen Markets Slide as US-Iran Conflict Persists; Three Major A-share Indices Fall 0.7%-2.3% as Metal and Chip Stocks Weaken; Oil & Gas, Shipping and Innovative Drug Plays Rise
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The central parity rate of RMB against USD was set at 6.8880, up 145 bps MoM. The People's Bank of China conducted RMB0.5 billion of seven-day reverse repos in the open market today (2nd), with the operation rate unchanged at 1.4%. A total of RMB224 billion of reverse repos matured today, resulting in a net daily liquidity withdrawal of RMB223.5 billion. With the US-Iran conflict ongoing and geopolitical tensions remaining unsettled, US President Donald Trump said in a televised address on Iran that the US would take "extremely severe" actions against Iran in the coming weeks. The three major A-share indices opened lower and extended losses. The Shanghai Composite Index closed at 3,927 points at midday, down 20 points or 0.5%, with turnover of RMB516.5 billion. The Shenzhen Component Index closed at 13,548 points at midday, down 158 points or 1.2%, with turnover of RMB670.2 billion. The ChiNext Index closed at 3,189 points at midday, down 57 points or 1.8%, with turnover of RMB294 billion. Mainland bank stocks bucked the trend. Industrial and Commercial Bank of China (601398.SH) and China Construction Bank (601939.SH) rose 1% and 1.4%, respectively. Contemporary Amperex Technology (300750.SZ) fell 0.6%, while BYD (002594.SZ) declined 1.6%. International oil prices remained elevated. PetroChina (601857.SH) and China Oilfield Services (600938.SH) gained 0.9% and 1%, respectively. Among oil and gas stocks, Zhongman Petroleum (603619.SH) surged 4.8%, while Shandong Molong (002490.SZ) rose 2%. Metal-related stocks weakened. Shandong Gold (600547.SH), Zijin Mining (601899.SH), Zhongjin Gold (600489.SH) and Zhaojin Gold (000506.SZ) fell between 2.6% and 4.8%. Shipping stocks continued to strengthen. China Merchants Energy Shipping (601872.SH) and China Merchants Nanjing Oil Transport (601975.SH) jumped 8.7% and 8.2%, respectively. Chip stocks moved lower. SMIC (688981.SH) A-shares fell 2.7%, while Hua Hong Semiconductor (688347.SH) A-shares declined 3.4%. AI chipmaker Cambricon (688256.SH) dropped 4.5%. Domestic GPU makers Muxi (688802.SH) and Moore Threads (688795.SH) slid 4% and 2.7%, respectively. Some lithium mining concept stocks rebounded against the broader market. Sichuan Energy Power (000155.SZ) hit the daily limit-up, while Tibet Mineral Development (000762.SZ) surged 9.3%. Innovative drug concept stocks extended gains. Peking University Healthcare (000788.SZ) hit limit-up. Aonli Kang (002940.SZ) and Rundong Pharma (002923.SZ) rose a further 4.9% and 2.3%, respectively. (ta/a) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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