CSI300 dropped 0.7%
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The CSI 300 fell 0.7% this week on volume below the average and lower than the last week. The market condition was Rally Attempt. This week’s index is more fluctuated. It gapped down on Tuesday. Then it surged on larger volume on Wednesday. Afterwards, it continued to pull back on both Thursday and Friday. It tested the 21DMA but failed. The index is still below all the key moving averages. The official manufacturing PMI stood at 49.4 in July, down slightly by 0.1 percentage points from the previous month, but higher than expected. The Political Bureau of the CPC Central Committee held a meeting on July 30 to deploy the economic work in the second half of the year, proposed to revitalize investor confidence, enhance the inherent stability of the capital market; to boost consumption to expand domestic demand, the focus of economic policy should be more shifted to benefit the people’s livelihood; to strengthen the industry’s self-regulation, to prevent involutional vicious competition. Relatively refined, strengthened the previous policy. Focus on the implementation of subsequent policies. The Fed left interest rates unchanged, in line with market expectations. Fed Chairman Jerome Powell then hinted at a possible rate cut in September. Investors are advised to remain patient and wait for the index to regain its 21DMA. Northbound inflow via the HK-China Stock Connect was RMB3.2B.
Leading: Healthcare (+3.2%), Real Estate (+2.1%), Communication Service (+1.9%); Lagging: Utility (-1.5%), Energy (-1.1%), Consumer Staple (-0.6%).
【A33】portfolio rose 1.2% with 17 stock up and 16 down. A modern enterprise specializing in the development and manufacture of automotive parts Ningbo Sngn Auto Parts (300100) led the gains. The stock rose 12.3% this week. RS and AD ratings were 99 and A-. DG rating was 72.
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published on August 2, 2024