Shanghai Composite Index Falls Below 3,800 Points, Over 5,000 Stocks Decline Across the Market

Price Action Impact 4

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Summary · why it matters

On July 17, China's A-share market saw all three major indices decline. The Shanghai Composite Index dropped 3.05 percent, falling below the 3,800-point level. The Shenzhen Component Index fell 5.4 percent, and the ChiNext Index tumbled 7.15 percent. Total market turnover reached 2.6716 trillion yuan, an increase of 252.7 billion yuan from the previous trading day. More than 5,000 stocks declined, with nearly 200 hitting their daily limit down. On the sector front, the power sector opened lower but moved higher, with Leshan Electric Power and Huayin Electric Power among those hitting their daily limit up. The banking sector showed resilience, with China Construction Bank and Bank of China leading the gains. The semiconductor sector suffered heavy losses, with over 50 stocks falling more than 10 percent. The CRO concept sector saw a sharp pullback, with Joinn Laboratories and many others hitting their daily limit down. The optical fiber concept sector continued to slump, with Everbright Photonics and others also hitting their daily limit down.