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Shanghai Composite Falls 0.5% at Midday; STAR 50 Rises 2% to Fresh High; SMIC (688981.SH) Surges Nearly 9%
The PBOC kept the Loan Prime Rate (LPR) unchanged for the 12th consecutive month, with the one-year and five-year LPR at 3% and 3.5% respectively in May. The RMB central parity aga...
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Shanghai Composite Falls 0.5% at Midday; STAR 50 Rises 2% to Fresh High; SMIC (688981.SH) Surges Nearly 9%
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The PBOC kept the Loan Prime Rate (LPR) unchanged for the 12th consecutive month, with the one-year and five-year LPR at 3% and 3.5% respectively in May. The RMB central parity against USD was set at 6.8397, down 22 bps MoM. Today (20th), the PBOC conducted RMB50 billion of seven-day reverse repos in the open market at an unchanged rate of 1.4%. With RMB0.5 billion maturing, the single-day net injection amounted to RMB49.5 billion. Chinas three major A-share indices opened 0.4% to 0.5% lower and moved divergently in early trading.

At midday, the Shanghai Composite Index fell 18 points, or 0.5%, to 4,150, with turnover of RMB886.764 billion. The Shenzhen Component Index declined 57 points, or 0.4%, to 15,512, with turnover of RMB1.02 trillion. The ChiNext Index edged up 2 points to 3,910, with turnover of RMB479.08 billion. The STAR 50 Index rose 2% to a fresh high.

Related NewsUnemployment Rate for April in China is 5.2%, lower than the previous value of 5.4%. The forecast was 5.3%.
Among financials, ICBC (601398.SH)  +0.030 (+0.420%)   and CCB (601939.SH)  +0.050 (+0.498%)   fell 1.2% and 0.2% respectively. CHINA LIFE (601628.SH)  -0.230 (-0.675%)   declined 0.8%, while CHINA PACIFIC INSURANCE (601601.SH)  -0.150 (-0.455%)   dropped 1.3%. BYD Company (002594.SZ)  +0.240 (+0.257%)   slid 2.2%, whereas CONTEMPORARY AMPEREX (300750.SZ)  -0.470 (-0.114%)   gained 0.6%.

A-share new stock king SEMIGHT INSTRUMENTS (688808.SH)  +225.000 (+14.706%)   surged 8.8% to RMB1,523.01, with turnover of RMB4.072 billion and a total market capitalization of RMB156.362 billion. KWEICHOW MOUTAI (600519.SH)  -20.800 (-1.587%)   fell 0.4% to RMB1,319.07, with turnover of RMB3.856 billion and a total market capitalization of RMB1.65 trillion.

Chip stocks performed strongly. SMIC (688981.SH)  +4.110 (+3.231%)   jumped nearly 9%, while HUA HONG (688347.SH)  +10.000 (+5.917%)   climbed 10.9%.

Related NewsIndustrial Production YoY for Apr in China is 4.1%, lower than the previous value of 5.7%. The forecast was 5.9%.
AI chipmaker CAMBRICON (688256.SH)  -4.900 (-0.380%)   rose 3.9%. Domestic GPU plays METAX (688802.SH)  +4.850 (+0.670%)   and MOORE THREADS (688795.SH)  -0.850 (-0.123%)   gained 4.8% and 1.4% respectively. LQKJ (688008.SH)  +9.660 (+3.685%)   advanced 3.2%. YANGTZE OPTICAL FIBRE (601869.SH)  +12.860 (+3.422%)   slipped 1.6%. Memory chipmaker GIGADEVICE (603986.SH)  +36.840 (+8.530%)   increased 8.5%. (jl/da)(A Shares quote is delayed for at least 15 mins.)

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