On September 23, the A-share market experienced fluctuations throughout the day. The ChiNext Index and the Shenzhen Component Index opened high but closed lower, with all three major indexes collectively falling. The trading volume significantly shrank, with the turnover in the Shanghai and Shenzhen markets decreasing by 370 billion yuan.
At the close, the Shanghai Composite Index fell by 0.39% to 3936.52 points, the Shenzhen Component Index dropped by 0.64% to 13636.07 points, and the ChiNext Index declined by 0.6% to 3379.61 points.
In terms of individual stocks, the market saw more declines than gains. Wind statistics showed that there were 1,887 gainers, 3,560 decliners, and 113 unchanged stocks across the two markets and the Northbound Stock Exchange.
The trading activity in the market notably decreased. The turnover in Shanghai and Shenzhen amounted to 1.7649 trillion yuan, down by 370.7 billion yuan compared to the previous trading day’s 2.1356 trillion yuan. Specifically, the turnover in Shanghai was 834.1 billion yuan, a decrease of 173.9 billion yuan from the previous trading day, while Shenzhen’s turnover was 930.8 billion yuan.
According to data from Wind, the top 10 stocks in terms of turnover all witnessed varying degrees of reduction in trading volume today. Among them, Changxin Technology had the smallest decrease at 27.24%, while Haiguang Information experienced the largest drop at 55.77%.
In terms of sector performance, sectors such as PET copper foil, non-metallic materials, glass substrates, cultivated diamonds, and biological products showed the highest increases, while the coal mining and processing, AI video, film and cinema, cultural media, petroleum and gas exploration and service sectors experienced the largest declines.
Overall, on September 23, the major A-share indexes fluctuated and retreated, indicating a weak index performance, shrinking trade volumes, and differentiated individual stock movements. Capital continued to seek opportunities in sectors such as PCBs (Printed Circuit Boards) and glass substrates.
Renowned financial commentator “Shuipi” analyzed in a blog post that both “Jilianhai” and “Yizhongtian” showed very lackluster trends, significantly dragging down the indexes. The semiconductor sector closed with a gain of 1.48%, primarily driven by IC, or integrated circuit-related stocks. However, the leading stocks in the sector showed signs of exhaustion, signaling uncertainties about the sustainability of the current market trend. In contrast, the communication equipment sector dropped by 0.74% at the close.
Surprisingly, the financial sector did not act as a stronghold today: the insurance sector fell by 1.12%, the banking sector dropped by 0.43%, and the securities sector declined by 0.61%. In other words, at the current levels, the market support funds are mostly on the sidelines.
“Shuipi” pointed out that the market is characterized by more declining stocks than rising ones, a trend that requires careful attention. Regarding the approximately 370 billion yuan decrease in turnover compared to the previous trading day, he believed that while some of it could be attributed to pre-holiday effects, the core reason lies in some stocks rebounding before experiencing a pullback again, leading to a lower willingness for market participation.