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China Dragon Index drops over 7% in the late night trading! Chinese stocks fall sharply, while A50 surges

AInvestTuesday, Oct 8, 2024 10:10 am ET
2min read

After today's sharp adjustment in Hong Kong stocks, tonight, Chinese stocks listed in the US fell in unison.

Chinese stocks in the US experience a big adjustment

Although the three major indexes in the US opened high, Chinese stocks in the US experienced a big adjustment.

Among them, the Nasdaq China Dragon Index fell more than 8% at one time, and individual stocks were almost all green, with Bilibili down more than 13%, iQIYI down nearly 10%, JD down more than 7%, Alibaba down more than 6%, Neta Auto, Xpeng and Li Auto all fell sharply.

However, the FTSE China A50 Index rose sharply in the evening.

A-share market surges, Hong Kong stock market retreats

After experiencing consecutive gains during the holiday, Hong Kong stocks today experienced a sharp correction.

On the A-share market, it opened high and then experienced a correction, and then rebounded strongly. The growth of the ChiNext Index reached 17.25%, setting a record for the largest single-day rise in history; the Shanghai Composite Index opened up 10.13%, and the historical first rise of more than 10% after the implementation of the rise and fall limit system.

Trading volume, whether in the Shanghai Stock Exchange, Shenzhen Stock Exchange, ChiNext and Sci-tech Innovation Board, or the total of the entire market, has set a new record. The total trading volume of the two markets reached more than Rmb3.48 trillion, the first time it has exceeded Rmb3 trillion, with more than 5,000 stocks rising, of which more than 2,000 stocks were halted or rose more than 10%, and all stocks in the ChiNext and Sci-tech Innovation Board rose without falling.

Yang Delong: Many assets are far from reaching the level of producing bubbles

Yang Delong, chief economist of First Seafront Fund, said: "At 8:10 this morning, I had a live video call with Mr. Lin Yuan, and our views were very consistent. We believe this round of market has provided young people with an opportunity to turn over, and it is also a major investment opportunity. At present, many high-quality assets are still undervalued, far from reaching the level of producing bubbles. Before the market further rises and even attracts a large amount of capital, we do not need to worry about bubble issues. The market is still in the first stage of rising, which is characterized by a large amount of capital pouring in, and the trading volume is constantly breaking new highs, even hitting a record high."

He said: "The trading volume of the two markets exceeded Rmb2.5 trillion on September 30, and today it hit a record high again. In the first stage of the market's rise, investors should hold high-quality assets and wait for the market's valuation to rebound. After the rise, the market may experience a quick correction, which will provide investors with a second opportunity to rise. For investors who have not been able to enter the market in time, they should take the opportunity of the market's first rebound to make a layout

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.