After the Mid-Autumn Festival, the first trading day (September 18th) saw the Shanghai Composite Index continue to decline, falling below 2700 points at one point, hitting a new low in over seven months. Overall, thousands of stocks in the market experienced declines. Some investors expressed their despair as the Shanghai Index dropped from breaking through 2800 points to below 2700 points in just half a month, with no apparent bottom in sight.
According to reports from mainland Chinese media such as the “China Securities Journal,” on the first trading day after the Mid-Autumn holiday, the Shanghai Composite Index continued its downward trend, dropping below 2700 points at one point and hitting a low of 2689.70 points, the lowest since February 6th of this year.
Mr. Chen, a mainland stock investor, mentioned that as soon as the market opened in the afternoon, the stock index plummeted directly below 2700 points.
During the afternoon, the stock index continued to weaken, with the Shanghai Index breaking below the 2700-point mark; additionally, the Shenzhen Component Index and the ChiNext Index both fell by over 0.6%, with Sora concept stocks, immunotherapy, PVDF, and others leading the declines. Over 4500 stocks across the market experienced drops.
Shortly after hitting a low point, the Shanghai Index rebounded. By the closing bell, the Shanghai Composite Index stood at 2717.28 points, up by 0.49%; the Shenzhen Component Index closed at 7992.25 points, a rise of 0.11%; and the ChiNext Index closed at 1533.47 points, down by 0.11%.
In terms of sectors, industries leading in gains included ice washing, real estate services, and air conditioning, while sectors with significant declines included fruit and vegetable processing, comprehensive agriculture, and other medical services.
On the 18th, the total turnover of the Shanghai and Shenzhen stock markets was 481.894 billion yuan, a decrease of 45.4 billion yuan from the previous trading day.
Guangdong stock analyst Zhou Kefan stated that the Shanghai Index briefly fell below 2700 points. Post-Mid-Autumn Festival, A-shares opened to another period of sluggishness. It turns out that the opening of A-shares is the biggest negative factor.
He said that towards the end of the trading day, the national team made a strong rally, barely recovering the 2700-point mark. However, the trading volume in Shanghai and Shenzhen markets remained low, lacking a broad rally. Therefore, the late bounce can only be defined as a rebound, not a reversal.
A Tianjin stock investor, known as “Warehouse Exploder,” expressed that the Shanghai Index breaking below 2700 points had shattered everyone. The late boost in bank stocks felt artificial to him.
He helplessly stated that on the morning of the 18th, he lost 14,000 in the stock market; by the closing bell, his losses amounted to 8,000.
“I haven’t sold off my stocks, I’ve been holding on. But if it continues to drop tomorrow, my selling point might be even lower than today. But I have no choice, I can only tough it out. I feel completely despairing now, utterly crushed. This time, I feel like it might not leave me with a single penny.”
“I can’t take it anymore, I really can’t. What kind of market is this? How many more levels of hell are there in this market? When will this market finally hit rock-bottom?”
He remarked that it took just half a month to drop from breaking through 2800 points to below 2700 points, and he’s uncertain how much further it may tumble next.