On September 4, 2024, Chinese A-shares collectively opened lower, with the Shanghai Composite Index falling below 2800 points in the morning session, hitting a new low for the period. The turnover in both Shanghai and Shenzhen has not exceeded 600 billion yuan for two consecutive days.
At the close, the Shanghai Composite Index was at 2784.28 points, down by 0.67%; the Shenzhen Component Index was at 8226.24 points, down by 0.51%; and the ChiNext Index was at 1554.64 points, down by 0.11%.
Overall, most stocks fell more than rose, with over 1200 stocks rising and over 3800 stocks falling in the entire market.
The total turnover in the two markets was 559.38 billion yuan, a decrease of 21.2 billion from the previous trading day, marking two consecutive days where the turnover did not exceed 600 billion yuan.
In terms of sector performance, sectors such as automobiles, insurance, securities, and pharmaceuticals rose, while sectors like precious metals, oil and gas, energy equipment, oil and gas exploration, coal, and construction declined.
In the oil sector, Sinopec fell by 1.20% to 6.59 yuan per share, with a 5-day decline of 7.18%; PetroChina fell by 5.28% to 8.25 yuan per share, with a 5-day decline of 10.13%; CNOOC fell by 5.05%, with a 5-day decline of 9.63%. In the Hong Kong market, PetroChina shares dropped by 6.06%, CNOOC by 6.26%, and China Oilfield Services by 1.59%.
Jianxin Futures believes that as the oil market is at the end of its peak season and continues to reduce inventory, combined with the situation in the Middle East and the expected rate cuts by the Federal Reserve, oil prices still have some support. However, there is limited downside potential, and under geopolitical influences, there may be pulse-like upward movements. But with the risk of weakening demand, medium-term oil prices may fall again.
Dongguan Securities stated that the market is still oscillating at a low level, with the implementation, continuation, and reversal expectations of policies still in a window period. The subsequent market performance needs to be further observed.