Beijing, April 25 (Xinhua)-After the Shanghai Composite Index failed to sprint 3,300 points last week, A shares showed a continuous correction this week. On April 25th, A-shares fell unilaterally in the afternoon, while individual stocks generally fell, and the hot sectors supporting the broader market turned off one after another. The Shanghai Composite Index fell more than 2%, and after falling below 3,200 points, it tested 3,100 points again. The Shenzhen Component Index fell more than 3% and fell below the 10,000-point mark, the biggest drop in nearly five months.
At the close, the Shanghai Composite Index closed at 3,123.83 points, down 2.43%; The Shenzhen Component Index closed at 9907.62 points, down 3.21%; Growth enterprise market index closed at 1669.98 points, down 2.84%. The turnover of the two cities totaled 733.4 billion yuan, which was enlarged from the previous trading day. The total net outflow of foreign capital was 1.21 billion yuan. Among them, Shanghai Stock Connect has an outflow of 310 million yuan; Shenzhen Stock Connect has an outflow of 900 million yuan.
Regarding the recent trend of A-shares, some analysts believe that there is no strong upward momentum above 3200 points in the Shanghai Composite Index in the short term, and investors’ wait-and-see mood begins to increase. In addition, PMI (Purchasing Managers Index) will be announced soon in April, and investors’ risk appetite in the market will decline.
According to the statistics of Industrial Securities, as of April 22, the amount of holdings of listed companies in April was less than the amount of holdings, with the amount of holdings being 2.921 billion yuan and the amount of holdings being 559 million yuan. Zhou Du reduced its holdings by 49 companies and increased its holdings by 10 companies.
On the 25th, stocks in the two cities generally fell, with only 3,326 stocks falling, including 104 stocks including Shengyun Environmental Protection, Western Venture and Longjian, and 26 stocks including HNA Technology and Bonded Technology.
On the plate, according to Tong Daxin, there is no industry or concept plate in the two cities, and the plates all fell by more than 1%. Oil, coal, environmental protection, automobile and other sectors were among the top losers; Conceptual sectors such as fuel cells and industrial hemp, which performed strongly in the early stage, also fell sharply, with a drop of over 5%.
In the news, on April 24, the central bank launched a targeted medium-term lending facility (TMLF, commonly known as "special spicy powder") operation of 267.4 billion yuan. After the TMLF operation, the superimposed central bank twice denied the RRR cut. Most research institutions believe that the expectation of RRR cut has basically failed in the short term.
On the 25th, Liu Guoqiang, deputy governor of the central bank, said at the press conference of the State Council Office that the monetary policy orientation at this stage is steady, the operation method is camera choice, pre-adjustment and fine-tuning, and the operation goal is moderate tightness. The central bank has no intention of tightening monetary policy, nor does it intend to relax monetary policy. We don’t want to see a shortage of market liquidity, nor do we want to see a flood of market liquidity.
Fortune securities believes that the liquidity expectation supporting the rapid valuation and repair of the previous market can basically come to an end. The core logic of the formation of long cattle and slow cattle in this round of stock market lies in reform. The structural improvement of the supply side means that leading enterprises with high-quality, efficient and effective supply capacity will continue to outperform the market, and the follow-up market will become a dominant market.
Guolian Securities believes that the economic data of the first quarter released by China slightly exceeded expectations as a whole. At present, the market is worried that the current bull market atmosphere will not change as the economy stabilizes, especially after a wave of adjustment, growth stocks may be expected to usher in better opportunities.