Shanghai Composite Stages V-Shape Rebound as Fujian Stocks Surge

Deep News03-30

On March 30, A-shares bottomed out and rebounded in early trading, with the Shanghai Composite Index turning positive after falling more than 1% earlier. The ChiNext Index and Shenzhen Component Index saw their losses narrow significantly. Over 2,500 stocks rose across the market.

Agricultural stocks led the gains, with Xinjiang Talimu Agriculture Development Co., Ltd., Beidahuang Group, and Jinjian Cereals Industry Co., Ltd. hitting their daily limit-up. Fujian-based stocks surged, with Zhongfu Straits(Pingtan)Development Company Limited securing two limit-up sessions in four days. Haixia Innovation Co., Ltd. rose over 10%, while Xiamen Port Development Co., Ltd., Road and Bridge Information Co., Ltd., Zhangzhou Development Co., Ltd., Fujian Jinsen Forestry Co., Ltd., Dongbai Group Co., Ltd., and Fujian Cement Co., Ltd. followed the upward trend. Aerospace and defense stocks collectively advanced, with Global Link Aviation Technologies Co., Ltd. climbing over 10% and Aerospace Nanhu Co., Ltd. gaining more than 6%.

Aluminum and fiberglass sectors exploded, with Zhejiang Reclaim Central Technology Co., Ltd., Honghe Technology Co., Ltd., Minfa Aluminium Co., Ltd., Jiangsu Alcha Aluminium Group Co., Ltd., and Jiangshun Technology Co., Ltd. among the multiple stocks hitting limit-up. According to Xinhua News Agency, two major aluminum plants in Bahrain and the United Arab Emirates recently confirmed attacks from Iran.

Innovative drug concepts strengthened, with Meinian Onehealth Healthcare Holdings Co., Ltd. achieving six limit-up sessions in seven days. Lianhuan Pharmaceutical Co., Ltd., Shuanglu Pharmaceutical Co., Ltd., and Dongcheng Pharmaceutical Co., Ltd. all rose by the daily limit. Commercial aerospace concepts continued to rise during the session, with Shenjian Co., Ltd. recording three consecutive limit-ups. Earlier, Aerospace Power Co., Ltd. and Zhongheng Design Group Co., Ltd. hit their limit-ups, while Xice Testing Technology Co., Ltd. rose over 8%.

Precious metal sectors climbed, with Chifeng Jilong Gold Mining Co., Ltd. rising nearly 7% and Shandong Gold Mining Co., Ltd. gaining over 5%. Gold and silver turned positive, with spot gold up 0.22% at $4,504.97 per ounce and spot silver rising 0.93% to $70.34 per ounce.

On the decline, power stocks fell sharply, with Huadian Energy Co., Ltd. and Jinneng Holding Shanxi Electric Power Co., Ltd. hitting their daily limit-down. Yinying Energy Co., Ltd., Yunan Energy Co., Ltd., and several other stocks approached limit-down levels.

Hong Kong stocks narrowed their losses. As of 11:30 a.m., the Hang Seng Index fell 1%, while the Hang Seng Tech Index dropped 1.85%. Popular tech stocks declined broadly, with XPeng Inc., NIO Inc., and Kingsoft Corporation Limited falling over 4%. Semiconductor stocks fell collectively, with Montage Technology Co., Ltd. down over 4%. Iluvatar CoreX dropped more than 3%, while Semiconductor Manufacturing International Corporation and Huahong Semiconductor Limited saw their losses narrow after earlier declines exceeding 5%.

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