Stock Track | SMIC Plummets 5.11% Intraday as Semiconductor Sector Sees Profit-Taking After Rapid Gains

Stock Track07-14

SMIC's stock plummeted 5.11% during Tuesday's intraday trading session, reflecting significant downward pressure on the semiconductor giant.

The sharp decline is attributed to broad selling pressure across the semiconductor sector as investors engaged in profit-taking following a period of rapid gains. SMIC had previously accumulated substantial short-term appreciation, including a surge of over 14% on July 9 related to its A-share listing and an additional gain of more than 5% on July 13.

This correction is primarily seen as technical profit-taking after concentrated price increases, with several semiconductor peers also experiencing notable declines. Despite the intraday pullback, mid-term catalysts for the sector, including expectations for wafer foundry price hikes and upcoming industry events, remain in place.

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