On October 15th, 2024, the three major A-share stock indexes collectively experienced a plunge. The Shanghai Composite Index barely held above 3200 points, witnessing a general market decline. In the Hong Kong stock market, the Hang Seng Index dropped below 21000 points, with the technology index falling by more than 4%.
At the close of trading, the Shanghai Composite Index fell by 2.53% to 3201.29 points, the Shenzhen Component Index dropped by 2.53% to 10066.52 points, and the ChiNext Index declined by 3.22% to fall below 2100 points, closing at 2085.99 points. The total turnover of the Shanghai and Shenzhen stock markets amounted to 1.6348 trillion yuan (RMB), a decrease of 200 million yuan compared to the previous trading day.
Nearly 4500 stocks traded in the red, with securities, insurance, and banking sectors all showing a collective downturn. Haitong Securities plummeted by over 7%, while firms like Guotai Junan Securities and Dongxing Securities fell by over 5%. Construction Bank and Industrial and Commercial Bank experienced drops of over 3%. Liquor stocks also suffered declines, with Luzhou Laojiao, Shanxi Fenjiu, and Gujing Gongjiu falling by over 4%. Some Hunmong concepts experienced sharp declines, with companies like Chengmai Technology, Guozi Software, and Tianyuan Dike falling by over 10%. The defense industry sector defied the market trend by staying active.
On the previous trading day, the A-share indexes also opened lower. The Shanghai Composite Index opened 1.79% lower, the Shenzhen Component Index opened 2.92% lower, and the ChiNext Index opened 4.84% lower, with nearly 5000 stocks in the Shanghai, Shenzhen, and Beijing markets opening lower.
Hong Kong stocks also saw a consecutive two-day decline on October 15th, with the Hang Seng Index falling below the 21000-point mark and the technology index dropping by over 4%.
The Hang Seng Index initially rebounded during the morning session but was dragged down by the A-share plunge in the afternoon, experiencing a sharp drop of 938 points at one point, reaching as low as 20154 points, approaching the 20-day moving average. By the close of trading, the Hang Seng Index had fallen by 774 points to 20318 points.
The technology index plunged by 4.6%, with only two of the 30 constituent stocks seeing gains. Meituan fell by nearly 7%, while Alibaba dropped by more than half, breaching the “red chip” territory.
Furthermore, on October 15th, the renminbi suddenly plummeted in the trading session, with the onshore renminbi against the U.S. dollar temporarily falling below the 7.12 mark, a decrease of over 400 basis points during the day. The offshore renminbi crossed below 7.13, declining by over 300 basis points within the day.