A-Share Close: STAR and ChiNext Indices Fall Over 4% After Lower Open, More Than 4,700 Stocks Decline

October 29 — According to Cailian Press, the market opened lower and moved down, with the Shenzhen Component Index falling nearly 3% and both the STAR and ChiNext indices dropping more than 4%. Combined turnover on the Shanghai and Shenzhen markets was 1.56 trillion yuan, down 72 billion yuan from the previous trading day. More than 4,700 stocks in the overall market declined. On the sector front, banks bucked the trend and strengthened, with ICBC and China Construction Bank hitting record highs again, the combined market capitalization of the four major state-owned banks topping 10 trillion yuan, and Bank of Qingdao rising more than 8%; the food and beverage sector rebounded amid volatility, with Qingdao Food posting a fourth consecutive limit-up while Babi Food and Huifa Food both hit limit-up; the ice and snow economy concept was active, with Bingshan Refrigeration and Longjiang Transportation hitting limit-up. On the downside, computing power hardware names fell across the board, with T&S Communications touching limit-down intraday, while Eoptolink, Shijia Photons, Robotechnik, Biwin Storage and Changyingtong all dropped more than 10%. At the close, the Shanghai Composite Index was down 0.82%, the Shenzhen Component Index down 2.92% and the ChiNext Index down 4.45%.