The Shangai Composite Index Closes 1.71% Lower

The Shangai Composite Index fell 66 points or 1.71 percent on Friday to close at 3810 points. Leading the losses are Datang Intl (-10.01%), Zijin Mining (-5.57%) and Yonghui Superstore (-4.79%).

The Shanghai Composite fell 1.61% to close at 3,814.2 on Friday, while the Shenzhen Component tumbled 2.47% to 13,774.7, as newly announced US tariffs weighed on market sentiment. Washington announced duties of 10% to 12.5% on imports from major trading partners, with China facing a 12.5% tariff. The latest adjustment raises China's effective US tariff rate to 22.2%, up 1.4 percentage points from the previous framework. As a result, China's tariff burden is projected to stand 11.5 percentage points above the global average. Technology and semiconductor stocks led the decline, with Cambricon Technologies (-1.92%), SMIC (-0.94%), Zhongji Innolight (-2.43%), Eoptolink Technology (-4.28%), and Victory Giant Technology (-3.73%) among the biggest laggards, as the impending IPO of CXMT fueled concerns that another mega listing could drain market liquidity. Despite Friday's selloff, the Shanghai Composite still gained 1.33% for the week, while the Shenzhen Component rose 0.49%.

The Shangai Composite Index gained 10 points or 0.27 percent on Thursday to close at 3877 points. Gains were led by Avic Aviation Engine (4.86%), Aluminum Corporation of China (3.71%) and Shanghai Electric (3.36%). Biggest losers were Yonyou Soft (-2.30%), Sanan Optoelectron (-1.87%) and Poly Real Estate (-1.54%).