CSI300 dropped 3.7%
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The CSI 300 fell 3.7% this week on volume above the average and higher than the last week. The market condition was Rally Attempt. The index fell in quick succession this week, breaking below the July 9 low of 3,385 during the session. The next support turned to the February 2 low of 3,108. It now sits below all key moving averages. On July 22, the one-year and five-year Loan Prime Rates (LPR) were reduced by 10 basis points each. The five-year LPR was cut from 3.95 percent to 3.85 percent and the one-year LPR was cut from 3.45 percent to 3.35 percent. U.S. local time on July 21, incumbent U.S. President Joe Biden announced that he was withdrawing from the 2024 presidential election, instead supporting Vice President Harris as the Democratic presidential candidate. There are still many variables in the U.S. presidential election. Market sentiment is fragile and investors are advised to adopt a defensive strategy. Northbound outflow via the HK-China Stock Connect was RMB11.4B.
Leading: Industrial (-0.3%), Utility (-0.4%), Consumer Cyclical (-1.7%); Lagging: Consumer Staple (-5.9%), Communication Service (-4.8%), Basic Material (-4.4%).
【A33】portfolio fell 3.0% with 8 stock up and 25 down . Old Chinese Bicycle Brand Shanghai Phnx.Enter (600679) led the gains. The stock rose 10.8% this week. RS and AD ratings were 91 and B. DG rating was 73.
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published on July 26, 2024