On November 28, the A-share market experienced fluctuations throughout the day and saw a plunge in the closing hours. The three major indexes all closed lower, with the Shanghai Composite breaking below the 3300 points mark and the ChiNext index dropping more than 1.5%. Main funds were seen selling off high-priced stocks.
By the end of the trading day, the Shanghai Composite Index fell by 0.43% to 3295.70 points; the Shenzhen Component Index dropped by 1.26% to 10432.54 points; and the ChiNext Index tumbled by 1.76% to 2169.80 points. Out of the 2699 listed stocks in the market, 2530 stocks saw gains while 2699 saw losses. The total trading volume in Shanghai and Shenzhen amounted to 1.49 trillion RMB, a significant increase from the 317 billion RMB of the previous day.
Leading sectors in terms of gains included commercial department stores, environmental protection, glass, automotive services, and real estate services, while sectors like gaming, precious metals, insurance, energy metals, and education faced notable declines. Agriculture and forestry, textile manufacturing, and retail sectors also showed strong performance.
Concepts related to agricultural supply and marketing saw sharp rises in the afternoon, with companies like Supply and Marketing Grand Market, Swan Stock, China Agricultural Uni-union, and Tianhe Stock all hitting the daily limit up.
In terms of fund flows, main funds in Shanghai and Shenzhen netted outflows of 34.264 billion RMB, while the net outflow for Shanghai and Shenzhen 300 component stocks was 10.157 billion RMB.
Major funds were seen selling off high-priced stocks such as Chuandaolongmang, Tom Cat, Dongfang Wealth, 360, Sailesi, Shanghai Electric, Hainengda, Ofilm, Tophase, and Sichuan Changhong.
Post-market data revealed that 113 stocks saw net outflows of over 100 million RMB. Chuandaolongmang, Tom Cat, Dongfang Wealth, and 360 all saw net outflows exceeding 1 billion RMB, with amounts at approximately 2.057 billion RMB, 1.972 billion RMB, 1.813 billion RMB, and 1.315 billion RMB respectively.
Collaborative author of Sina Cangshi Fund and Weibo influencer, “Ba Bei Ge,” analyzed: “Looking ahead, caution should be the primary approach. While some individual stocks have been outperforming the broader market recently, we must note that the market has been in a downward trend for just half a month. Given more time, all stocks will ultimately follow the trend.”
Mutual fund blogger and Weibo influencer, “Ye Ai Mao,” remarked: “The A-share index is like going on a half-day excursion, with the market appearing unpredictable. Stocks such as Sunrise in the East took a dive in the final hour, and thematic and speculative stocks may cool down. As we approach the beginning of December, everyone should be cautious not to get caught near the bottom; a sudden drop of 12% to 15% would be very distressing.”