On October 29, the three major stock indexes in A-shares collectively fell, with the Shanghai Composite Index dropping below 3300 points. Recently, the popular “Shanghai Uncle” on the internet warned investors to sell their stocks immediately after breaking even and to avoid trading stocks again.
In early trading, the three major stock indexes fluctuated downward, accelerating their decline in the afternoon. By the closing bell, the Shanghai Composite Index dropped by 1.08% to 3286.41 points, the Shenzhen Component Index fell by 1.33% to 10543.33 points, and the Growth Enterprise Index declined by 2.32% to 2177.31 points.
Over 4200 stocks traded in the market were in the green, while sectors such as coal, steel, pharmaceuticals, liquor, and real estate all saw collective declines. Themes like photovoltaics and lithium batteries experienced pullbacks, while stocks related to consumer electronics and mergers and acquisitions showed strength against the trend.
Professional investor and Weibo influencer “Small Retail Investor Outperforming the Index” said, “With such high trading volume, why is the market still rotating instead of continuously rising? In the past, this volume could have sent the market soaring without coming back down! Many free software programs show significant daily outflow of institutional funds. Just this month, institutional funds have flowed out nearly a trillion…”
Investment content creator and Weibo influencer “Lin Yun” commented, “Early trading saw surged volume stagnation turn into a nosedive, with the Beishang 50 leading the gains and the Shanghai Composite Index barely holding onto the 3300-point level. The two markets saw a total turnover of 1.3753 trillion yuan. Unable to withstand the exodus of institutional funds amounting to 62.5 billion yuan. Theme speculation is intense but with mediocre outcomes, showing signs of being played out. Traditional industries such as coal generally declined due to fundamental constraints and the influence of market sentiment affecting the overall atmosphere.”
“360 View Net,” a provider of online roadshows and interactive platforms for investors in the Chinese securities market, uploaded a video on its official Weibo account with a caption that read, “I advise you to make back your money and sell immediately.”
The content of the video featured the recent evaluation of the stock market by the online sensation, veteran investor “Shanghai Uncle,” who stated, “This bull market is here, a rare opportunity for a bull market. I advise you to make back your money and sell immediately. Don’t get involved, this stock market is definitely not for the average person to play with.”
A netizen commented, “Finally, someone spoke the truth.”
Earlier this summer, a video predicting the stock market by “Shanghai Uncle” went viral on the internet. In the video, “Shanghai Uncle” made predictions about the stock market under a camphor tree on Guangdong Road in the Huangpu District, “Starting from mid-September, I’ve already given it a name, ‘Love in Late Autumn!’ “He even provided targets of 4165 points by the end of 2024 and 14600 points in 2026, sparking controversy at one point.