After a weak open, major Chinese indexes slid further; the Shanghai Composite
breached 3,700 intraday and closed the morning session down 1.98%. The Shenzhen
Composite Index fell 2.78% and the ChiNext index dropped 3.42%. Media names
staged a recovery, with Neimeng Xinhua and Duzhe Media hitting daily limit-ups.
Baijiu stocks spiked then pulled back; Huangtai Distillery recorded two daily
limit-ups in three sessions. Brokers were volatile—Hualin Securities surged over
7% intraday. Component suppliers, innovative drugs, CROs and traditional Chinese
medicine sectors were active. Shipping and ports led declines, with COSCO
Shipping Energy and China Merchants Nanyou among several stocks hitting
limit-downs. Other notable laggards included crude palm oil, semiconductors,
coal, grains, aerospace equipment and oil & petrochemicals. Combined turnover on
the Shanghai and Shenzhen markets through midday was about 981.8 bln yuan,
roughly 129.0 bln yuan higher than the same period yesterday; roughly 400 stocks
advanced and about 4,700 declined.
