China's ChiNext falls 1.71% and 3.41% on Oct 26-27, then rises over 3% on Oct 28 morning
In short
China's ChiNext index closed down 1.71% on 26 October and down 3.41% on 27 October, according to Yicai, China News Service and Jiemian. On 28 October it rose by more than 3% in late-morning trading, CLS reported. On 27 October more than 4,900 stocks fell across the market.
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China's ChiNext index fell 1.71% on 26 October to close at 2638.23, according to Yicai and China News Service. The Shanghai Composite ended up 0.19% at 3697.52 and the Shenzhen Component down 1.19% at 11534.38. Yicai also gave a fall of 2.03% for the STAR composite index. [ 15 , 16 ]
The session began weakly. By 09:37 the ChiNext index was down more than 2%, and CLS put the fall at 2.01%. By about 10:20 it was down more than 3%, with the Shanghai Composite down 0.57% and the Shenzhen Component down 1.89%, and Jiemian reported more than 3,700 stocks falling at 10:52. CLS said the index narrowed its losses later and was down 1.65% at midday. At midday Jiemian counted 2,446 rising and 2,950 falling stocks. The Shanghai Composite turned positive after lunch. [ 2 , 3 , 4 , 7 , 8 , 10 , 11 , 12 , 13 ]
On 26 October computing hardware, CPO, precious metals and semiconductors fell, according to CLS, Yicai and China News Service, while games, baijiu, oil and gas and bank stocks gained. CLS said PetroChina rose nearly 5%, its highest since May 2008, and Yicai said CNOOC Services rose 7.23%. Turnover was 1.61 trillion, down 347.5 billion from the previous session, and more than 3,100 stocks fell. [ 14 , 15 , 16 ]
On 27 October the ChiNext index rose more than 1% at the open, CLS reported, but turned negative by 10:04. It was down 0.45% at midday, more than 1% at 13:08, more than 2% at 14:36 and more than 3% at 14:55. Jiemian gave the close as down 3.41%, with the Shanghai Composite down 1.33%, the Shenzhen Component down 2.5% and the North Exchange 50 index (北证50) down 3.35%. Jiemian counted 606 rising and 4,922 falling stocks, with 42 limit-ups and 23 limit-downs. Turnover was about 1.4609 trillion yuan, down about 147.8 billion yuan. [ 18 , 19 , 24 , 25 , 27 , 28 , 29 , 36 ]
On 27 October banks gained while pharmaceuticals and semiconductor equipment fell. CLS said China Construction Bank and Industrial and Commercial Bank of China reached record highs. China News Service said semiconductor equipment stocks fell heavily. A Yicai headline asked what variables could stabilise and lift the market, but the documents do not give an answer. [ 29 , 30 , 34 ]
On 28 October the ChiNext index rose more than 2% at the open, with the Shanghai Composite up 0.66% and the Shenzhen Component up 1.30%. By 11:23, CLS reported it was up more than 3.01%, with the Shenzhen Component up 1.95% and nearly 4,400 stocks rising. Speed reducers, physical AI and humanoid robots led gains, while baijiu, aquatic products and banks fell. The documents give no closing figures for that day. [ 37 , 38 , 39 , 40 ]
Why it matters
The documents show large daily swings in the ChiNext index over three sessions, with technology-linked sectors such as computing hardware and semiconductors falling on 26 and 27 October and rising on 28 October. They give no cause for the moves, so the reasons remain open.
Key facts
- On 26 October the ChiNext index closed at 2638.23, down 1.71%; the Shanghai Composite rose 0.19% to 3697.52 and the Shenzhen Component fell 1.19% to 11534.38. [ 15 , 16 ]
- On 26 October the ChiNext index was down more than 3% in the morning before narrowing its losses; at midday it was down 1.65%. [ 3 , 4 , 8 , 9 , 10 ]
- On 27 October the ChiNext index rose more than 1% at the open but closed down more than 3%; Jiemian put the fall at 3.41%. [ 18 , 29 , 36 ]
- On 27 October 4,922 stocks fell and 606 rose, with 42 limit-ups and 23 limit-downs, according to Jiemian; CLS and China News Service said more than 4,900 stocks fell. [ 29 , 30 , 36 ]
- On 28 October the ChiNext index rose more than 2% at the open and more than 3% by 11:23, with about 4,400 stocks rising. [ 37 , 38 , 39 , 40 ]
- PetroChina rose nearly 5% on 26 October, which CLS described as its highest level since May 2008. [ 14 ]
Confirmed by several sources
- The ChiNext index closed down 1.71% on 26 October while the Shanghai Composite closed up 0.19% and the Shenzhen Component down 1.19%. [ 15 , 16 ]
- The ChiNext index was down 1.65% at the midday break on 26 October. [ 8 , 9 , 10 ]
- More than 4,900 stocks fell across the market on 27 October. [ 29 , 30 , 35 , 36 ]
- The ChiNext index rose more than 2% in early trading on 28 October. [ 37 , 38 , 39 ]
- Precious metals were among the weakest sectors on 26 October. [ 2 , 4 , 5 , 15 ]
Still unclear
- What caused the sharp afternoon fall on 27 October. The documents describe the move and sector performance but give no cause; a Yicai headline only asks what variables could stabilise and lift the market.
- How the ChiNext index finished on 28 October. The latest document is from 11:23 on 28 October, when the index was up more than 3%; no closing figure is given.
- The exact 27 October closing fall in the ChiNext index. Only Jiemian gives 3.41%; CLS says it fell more than 3%.
What local media are saying
Timeline, local time
- 26 October: 36Kr reports the ChiNext index down more than 2%; CLS gives a fall of 2.01%. [ 1 , 2 ]
- 26 October: the ChiNext index is down more than 3%, with more than 3,600 stocks falling. [ 3 , 4 ]
- 26 October: at the midday break the ChiNext index is down 1.65%. [ 8 , 9 , 10 ]
- 26 October: the Shanghai Composite turns positive. [ 11 , 12 , 13 ]
- 26 October: the market closes with the ChiNext index down 1.71%. [ 14 , 15 , 16 ]
- 27 October: the ChiNext index is up more than 1% early in the session. [ 18 ]
- 27 October: the three major indices turn negative. [ 19 , 20 ]
- 27 October: the ChiNext index is down more than 3%. [ 28 ]
- 27 October: the market closes, with more than 4,900 stocks falling. [ 29 , 30 , 36 ]
- 28 October: the ChiNext index is up more than 2%. [ 37 , 38 ]
- 28 October: the ChiNext index is up more than 3%, with nearly 4,400 stocks rising. [ 40 ]