The Shangai Composite Index Closes 0.93% Higher

The Shangai Composite Index fell 35 points or 0.95 percent on Tuesday to close at 3604 points. Leading the losses are Yonyou Soft (-2.71%), Bank of Communications (-2.45%) and ICBC (-2.30%). Top gainers were China Fortune (5.50%), Hengli Petrochemical (4.68%) and Sany Heavy Industry (4.59%).

The Shanghai Composite fell 0.82% to close at 3,608.1 on Tuesday, while the Shenzhen Component lost 1.21% to 10,877, as renewed efforts to revive 2024 stock market rescue measures failed to lift sentiment. The central bank said it would resume operations under its securities, funds and insurance companies swap facility (SFISF) when necessary, allowing eligible institutions to exchange assets for more liquid ones to fund stock purchases, expand participation and lower swap fees. Meanwhile, the PBOC will cut its relending rate to 1% from 1.25%, make the facility permanent, and encourage banks to expand lending for corporate share buybacks and major shareholders’ stake increases. The measures have so far failed to reignite investor confidence amid persistent economic weakness and corporate earnings uncertainty. Ai-related stocks came under pressure, led by Cambricon Technologies (-10.81%), Zhongji Innolight (-8.09%), NAURA Technology (-2.21%) and Victory Giant Technology (-4.25%).

The Shangai Composite Index gained 33 points or 0.93 percent on Monday to close at 3632 points. Gains were led by BAIC BluePark (5.97%), CITIC Securities (5.31%) and China Merchants Securities (5.22%). Biggest losers were Crrc (-4.58%), China Railway Cons (-3.45%) and China Minsheng Bank (-3.39%).