Shenzhen Component Index and ChiNext Index both drop over 3%, more than 4,600 stocks fall across the two markets

Price Action Impact 4

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Summary · why it matters

On July 13, China's A-share market saw its three major indices tumble sharply, with the Shenzhen Component Index and the ChiNext Index both falling more than 3%. Over 4,600 stocks declined across the market, and the number of stocks hitting their daily limit down exceeded 100. Combined turnover on the Shanghai and Shenzhen exchanges reached 2.82 trillion yuan, shrinking by 570.8 billion yuan from the previous trading day. The pharmaceutical sector bucked the trend, with the traditional Chinese medicine sub-sector leading gains. Longshenrongfa hit the 20% daily limit up, and Tianmu Pharmaceutical also reached its daily limit up. The banking sector fluctuated higher, with Suzhou Bank rising over 6%. The electronic specialty gases concept was active, with Jovo Energy achieving a second consecutive daily limit up and Shuifa Gas hitting its daily limit up on opening. Among the declining sectors, the optical fiber concept suffered heavy losses, with Hengtong Optic-Electric, Changyingtong, FiberHome Telecommunication Technologies, and SDG Information hitting their daily limit down. The memory chip concept saw a broad sell-off, with GigaDevice, Demingli, and Shannon Semiconductor hitting their daily limit down. The MLCC concept fell sharply, with Fenghua Advanced Technology hitting its daily limit down. At the close, the Shanghai Composite Index fell 2.06%, the Shenzhen Component Index dropped 3.48%, the ChiNext Index lost 3.1%, and the STAR Composite Index tumbled 4.36%.