ChiNext index falls more than 2% in morning trade after earlier gain; STAR 50 down over 3%
In short
China's ChiNext index reversed an earlier gain of more than 1% on October 8 and fell more than 2% in morning trade, CLS and 36Kr reported. The STAR 50 index fell more than 3%, while CPO, lidar and laser stocks led declines and shipping and battery stocks gained, according to CLS.
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China's ChiNext index turned lower in morning trade on October 8 after rising more than 1% earlier in the session, according to CLS and Jiemian. At 10:35 CLS reported the ChiNext down more than 1%, with the Shanghai Composite up 0.08% and the Shenzhen Component down 0.48%. By 10:57 CLS said the ChiNext had fallen more than 2%, the Shanghai Composite was down 0.22% and the Shenzhen Component was down 1.11%; 36Kr reported at 11:04 that the ChiNext was down 2% intraday. [ 1 , 2 , 3 , 4 ]
The STAR 50 index fell more than 3%, according to 36Kr, while CLS put its decline at more than 3.3%. CLS said CPO, lidar and laser industry sector indices led the losses, while shipping and battery indices were among the gainers, alongside sodium batteries in its earlier update and PTA in its later one. [ 1 , 3 , 4 ]
Why it matters
CLS described the indices as diverging: the Shanghai Composite moved only slightly while the ChiNext, the STAR 50 and the Shenzhen Component fell further. Business and tech outlets reported the moves as intraday market updates, so the size of the decline at the close is not given.
Key facts
- The ChiNext index had risen more than 1% earlier on October 8 before turning lower. [ 1 , 2 ]
- By 10:35 the ChiNext index was down more than 1%, the Shanghai Composite was up 0.08% and the Shenzhen Component was down 0.48%, CLS reported. [ 1 ]
- By 10:57 the ChiNext index was down more than 2%, the Shanghai Composite was down 0.22% and the Shenzhen Component was down 1.11%, CLS reported. [ 3 ]
- The STAR 50 index fell more than 3%; CLS put the drop at more than 3.3%. [ 3 , 4 ]
- CPO, lidar and laser industry sector indices led the declines, CLS reported. [ 1 , 3 ]
- Shipping and battery sector indices were among the gainers, along with sodium batteries and PTA at different points in the morning, CLS reported. [ 1 , 3 ]
Confirmed by several sources
Still unclear
- Where the indices closed for the day. The documents are intraday updates published between 10:35 and 11:04 and give no closing figures.
- Why the indices fell. None of the documents gives a reason for the decline.
- Sector moves: CPO, lidar and laser stocks leading declines; shipping, battery, sodium battery and PTA stocks gaining. Only CLS reported the sector breakdown.
What local media are saying
Timeline, local time
- CLS reports the ChiNext down more than 1% after an earlier gain of more than 1%; Shanghai Composite up 0.08%, Shenzhen Component down 0.48%. [ 1 ]
- Jiemian reports the ChiNext fluctuating lower and down more than 1%. [ 2 ]
- CLS reports the ChiNext down more than 2% and the STAR 50 down more than 3.3%; Shanghai Composite down 0.22%, Shenzhen Component down 1.11%. [ 3 ]
- 36Kr reports the ChiNext down 2% intraday and the STAR 50 down more than 3%. [ 4 ]