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July 30, 2021

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Stocks bounce back to end losing streak

Source: Xinhua | 00:01 UTC+8 July 30, 2021 | Print Edition

Chinese stocks bounced back with across-the-board gains yesterday, ending a losing streak as market sentiment recovered.

The benchmark Shanghai Composite Index rose 1.49 percent to close at 3,411.72 points while the Shenzhen Component Index jumped 3.04 percent to 14,515.32 points. The ChiNext Index, tracking China’s NASDAQ-style board of growth enterprises, jumped 5.32 percent to close at 3,459.72.

The combined turnover of stocks covered by the two main-board indices came in at 1.25 trillion yuan (US$192.4 billion) on the seventh straight day to exceed the 1-trillion-yuan threshold.

The rebound came after sharp declines seen early this week, which sent the benchmark Shanghai Composite Index down over 5 percent from the close last week.

The sell-off was largely affected by volatile market sentiment and the A-shares’ sound fundamentals remain unchanged, said Yang Delong, chief economist with First Seafront Fund. In fact, the corrections have created opportunities for investors to build up their positions in a capital market undergoing reforms that are poised to improve the quality of listed companies, Yang added.

With sound economic fundamentals and relatively loose liquidity, the A-share market could bottom out after bearish sentiment among investors fades out, CITIC Securities said.

Data by financial information provider Wind showed that the A-share market yesterday saw net inflow of funds through “northbound trading,” or money invested from Hong Kong into the Chinese mainland through the stock connect programs.

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