On September 13, 2024, which is the last trading day for A-shares before the Mid-Autumn Festival, the three major indices collectively showed a green trend, with the Shanghai Composite Index hovering around 2700 points, hitting a new low.
A-share market experienced a general decline on September 13th. By the closing bell, the Shanghai Composite Index fell by 0.48% to 2704.09 points; the Shenzhen Component Index dropped by 0.88% to 7983.55 points; and the ChiNext Index decreased by 1.07% to 1535.17 points. The total turnover of the Shanghai and Shenzhen stock markets reached 524.8 billion yuan, an increase of 9.3 billion yuan from the previous day.
Individual stock performance saw over 4000 stocks declining. Sectors such as insurance, precious metals, real estate development, real estate services led the gains, while energy metals, batteries, power equipment, photovoltaic equipment, electronic chemicals, medical services were among the top decliners.
Of note, after a significant drop in the previous trading day, the stock price of Kweichow Moutai once again fell below the 1300 yuan mark, almost halving compared to its historical high in 2021.
The performance of A-shares once again became a hot topic on Weibo.
The manager of Sichuan Hengsheng Taihe Investment Management Co., Ltd. and financial blogger “Firm Bull Steady Bull” commented, “Today, the A-share market once again fell into a slump, with the three major indices continuing a sluggish trend. The Shanghai Composite Index tested the 2700-point mark multiple times during the day, eventually holding on by a thread and hitting a new low.”
Financial blogger “Soaring Market Watch” said, “The Mid-Autumn Festival is a financial disaster for consumers. Mooncakes are on sale (much cheaper than last year), but we can’t afford them because A-shares have looted our wallets.”
Financial blogger “Stocks Finder” summed up, “From November 2023 to the Chinese New Year, we fought to defend the 3000, 2900, 2800, 2700, and 2600 levels in the A-share market. From May 2024 to now in September, we’ve retraced our steps from 3100 to 3000, to 2900, to 2800, and to 2700. Today, the index closed at 2704, on the verge of breaking support. Can we hold on?”
Investment content creator and financial blogger “Wang Chengqiang_Futures” remarked, “It is said that more than 30% of domestic private equity funds have collapsed this year. The reliability of the data is uncertain. This three-year bear market in A-shares, with its relentless decline, is rare in two or three decades, crumbling to the ground without mercy.”
Investors expressed their opinions, “With this situation before the holiday, don’t expect much in terms of consumption.” “After the Mid-Autumn Festival, it seems like it’s going to be a battle to defend 2600.”