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Shanghai & Shenzhen A-shares' Three Major Indices Gain 0.1% to 0.4% at Midday; CHINA PACIFIC INSURANCE (601601.SH) Slumps Over 4%
The market is awaiting a meeting between Chinese and US leaders. The RMB central parity against USD was set at 6.8431, down 5 bps MoM. The People's Bank of China conducted a RMB500...
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Shanghai & Shenzhen A-shares' Three Major Indices Gain 0.1% to 0.4% at Midday; CHINA PACIFIC INSURANCE (601601.SH) Slumps Over 4%
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The market is awaiting a meeting between Chinese and US leaders. The RMB central parity against USD was set at 6.8431, down 5 bps MoM. The People's Bank of China conducted a RMB500 million seven-day reverse repo operation in the open market today (13th), with the operation rate unchanged at 1.4%. Meanwhile, RMB26 billion of reverse repos matured, resulting in a net daily liquidity withdrawal of RMB25.5 billion. The three major A-share indices opened 0.5% to 0.9% lower, but rebounded across the board near midday, gaining 0.1% to 0.4% at the half-day close.

The Shanghai Composite Index rose 3 points or 0.1% to 4,218, with turnover of RMB885.472 billion. The Shenzhen Component Index gained 56 points or 0.4% to 15,881, with turnover of RMB1.09 trillion. The ChiNext Index added 11 points or 0.3% to 3,946, with turnover of RMB506.47 billion.

Related NewsInflation Rate MoM for Apr in China is 0.3%, higher than the previous value of -0.7%. The forecast was -0.1%.
Mainland banking stocks were generally soft. ICBC (601398.SH)  +0.070 (+0.968%)   fell nearly 1%, while CCB (601939.SH)  +0.130 (+1.353%)   declined 0.4%. Insurer CHINA PACIFIC INSURANCE (601601.SH)  -0.560 (-1.567%)   dropped 4.4%. In addition, BYD Company (002594.SZ)  +0.130 (+0.132%)   slipped 1.3%, and CONTEMPORARY AMPEREX (300750.SZ)  -7.050 (-1.624%)   edged down 0.7%.

Among chip stocks, SMIC (688981.SH)  -3.960 (-3.250%)   and HUA HONG (688347.SH)  -2.760 (-1.718%)   fell 2.7% and 0.7%, respectively. AI chip maker CAMBRICON (688256.SH)  -56.300 (-4.275%)   rose 1.5%. Domestic GPU makers METAX (688802.SH)  -41.620 (-5.319%)   and MOORE THREADS (688795.SH)  -36.060 (-5.022%)   declined 0.3% and 1.3%, respectively. LQKJ (688008.SH)  +6.280 (+2.427%)   advanced 3.5%. Fiber optic maker YANGTZE OPTICAL FIBRE (601869.SH)  -2.260 (-0.555%)   dropped 1.1%.

VANKE A (000002.SZ)  -0.120 (-3.008%)   secured up to RMB2.5 billion in loans from Shenzhen Metro again, but its share price fell 2.7%. (jl/u)(A Shares quote is delayed for at least 15 mins.)

Related NewsOutstanding Loan Growth YoY for Apr in China is 5.6%, lower than the previous value of 5.8%. The forecast was 5.8%.

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