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<A Shrs> Three Major Indices Down 1.3% to 2.8% at Midday; Oil Stocks Rise Against Market; Chip Stocks Narrow Losses; YANGTZE OPTICAL FIBRE (601869.SH) Rebounds After Lower Open
Geopolitical tensions in the Middle East escalated sharply, with Iran launching missiles at Israel and Israel striking targets ???? Iran. China’s foreign exchange reserves rose 0.9...
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<A Shrs> Three Major Indices Down 1.3% to 2.8% at Midday; Oil Stocks Rise Against Market; Chip Stocks Narrow Losses; YANGTZE OPTICAL FIBRE (601869.SH) Rebounds After Lower Open
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Geopolitical tensions in the Middle East escalated sharply, with Iran launching missiles at Israel and Israel striking targets ???? Iran. China’s foreign exchange reserves rose 0.93% MoM to USD3.4422 trillion in May, while the country increased its gold holdings for the 19th consecutive month. The RMB central parity against USD was set at 6.8198, down 41 pips from the previous day. The three major A-share indices opened 2.2% to 3.5% lower and were down 1.3% to 2.8% at midday.

The Shanghai Composite Index fell below the 4,000 level at the open and was down 50 points, or 1.26%, at 3,976 at midday, with turnover of RMB801.586 billion. The Shenzhen Component Index dropped 380 points, or 2.49%, to 14,933, with turnover of RMB971.676 billion. The ChiNext Index declined 112 points, or 2.83%, to 3,845, with turnover of RMB461.635 billion.

Related NewsRANGE TECHNOLOGY (300442.SZ) Reportedly In Talks for HKD20B Loan to Build Sha Ling Data Park
Banking stocks advanced, with ICBC (601398.SH)  +0.150 (+1.989%)   and CCB (601939.SH)  +0.130 (+1.255%)   rising 2% and nearly 1%, respectively. Insurers also gained, as CHINA LIFE (601628.SH)  +1.490 (+4.496%)   added 1.3% and CHINA PACIFIC INSURANCE (601601.SH)  +0.960 (+3.043%)   rose 1.4%. BYD Company (002594.SZ)  -1.580 (-1.719%)   slipped 2%. CONTEMPORARY AMPEREX (300750.SZ)  -11.000 (-2.753%)   fell 1.9% after recently launching group standards work on energy storage and electrification of internal combustion locomotives in the steel industry with the China Iron and Steel Association and others. ZTE (000063.SZ)  -0.720 (-1.840%)   tumbled 5.1%.

Chip stocks opened sharply lower but narrowed losses in the morning session. SMIC (688981.SH)  -1.960 (-1.540%)   fell 3.6%, HUA HONG (688347.SH)  -5.590 (-2.458%)   declined 3.8%, and AI chipmaker CAMBRICON (688256.SH)  -39.010 (-3.072%)   dropped 2.8%. Domestic GPU names METAX (688802.SH)  -10.980 (-1.557%)   and MOORE THREADS (688795.SH)  -8.190 (-1.330%)   slid 0.4% and 2.4%, respectively. LQKJ (688008.SH)  -5.400 (-2.284%)   fell nearly 5%. Optical fibre maker YANGTZE OPTICAL FIBRE (601869.SH)  -31.640 (-6.533%)   reversed earlier losses to gain 1.2% at midday. Memory chip stock GIGADEVICE (603986.SH)  -19.660 (-3.928%)   fell 2%.

Rising international oil prices amid external tensions lifted oil stocks against the broader market. PETROCHINA (601857.SH)  -0.100 (-0.967%)   gained 1.8% at midday, TONG PETROTECH (300164.SZ)  -0.010 (-0.111%)   surged 6.5%, and SINO GEOPHYSICAL (300191.SZ)  -0.270 (-0.920%)   rose 5.1%. (jl/da)(A Shares quote is delayed for at least 15 mins.)

Related NewsImports YoY for May in China is 27.4%, higher than the previous value of 25.3%. The forecast was 25%.

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