A-share computing hardware and chip semiconductor sectors fell into a steep correction, with optical modules, optical chips, optical communications and other related concept stocks declining collectively. Earlier, Google shares plunged 10% on Wall Street due to disappointing earnings, while South Korea's KOSPI extended its intraday losses to 3%. Samsung Electronics dropped more than 5% after its third-quarter chip profits fell short of expectations. SK Hynix reversed earlier gains of nearly 7% to trade lower.
On October 29, A-shares opened lower and drifted down, with all three major indices falling in early trading. The ChiNext Index dropped nearly 3%, while the STAR 50 fell more than 3%. Computing hardware and chip semiconductor stocks declined across the board, with leading optical module stock "Yizhongtian" plummeting, as Tianfu Communication plunged over 17%. GPU concept stocks also fell, with Moore Threads dropping 11%. Banking, coal, and shipping sectors bucked the trend, with Industrial and Commercial Bank of China and China Construction Bank both hitting record highs again.
Hong Kong stocks showed mixed performance. The Hang Seng Index opened lower but rebounded into positive territory in early trade, while the Hang Seng Tech Index fell over 1%. Weighted tech giants declined broadly, and technology stocks in chips and optical modules also weakened. AI large-model stocks opened low and moved lower, with Zhipu and MINIMAX both dropping over 5%. In the bond market, treasury futures fell across the board. In commodities, domestic commodity futures showed mixed performance.
Core Market Movements
A-shares: As of press time, the Shanghai Composite fell 0.67%, the Shenzhen Component dropped 1.84%, and the ChiNext Index declined 2.80%.
Hong Kong stocks: As of press time, the Hang Seng Index rose 0.22%, while the Hang Seng Tech Index fell 1.60%.
Bond market: Treasury futures fell across the board. As of press time, the 30-year main contract dropped 0.12%, the 10-year main contract fell 0.02%, the 5-year main contract declined 0.02%, and the 2-year main contract slipped 0.01%.
Commodities: Domestic commodity futures rose broadly. As of press time, fuel oil gained 4%, asphalt rose over 3%, coking coal and iron ore advanced 2%, while eggs, coke, and crude oil climbed over 1%. Industrial silicon, hot-rolled coils, rebar, rapeseed, container shipping index, glass, alumina, Shanghai gold, Shanghai nickel, and manganese silicon all moved higher. Caustic soda, Shanghai copper, wood pulp, stainless steel, polysilicon, platinum, Shanghai tin, Shanghai silver, and Shanghai aluminum declined. Soybean meal, rubber, and palladium fell over 1%, while lithium carbonate plunged 5%.
10:04
The coal sector continued to rally, with China Shenhua hitting another new high, followed by Shaanxi Coal and Yankuang Energy.
09:46
In early trading, the banking sector bucked the trend, with Industrial and Commercial Bank of China and China Construction Bank rising over 1% to fresh record highs. Qingdao Bank and Chengdu Bank surged over 4%, while Bank of Nanjing, Ruifeng Bank, and Qilu Bank followed suit.
On the news front, as of now, 21 A-share listed banks have disclosed their 2026 interim dividend plans, with total proposed payouts exceeding 260 billion yuan. This covers the six major state-owned banks, four joint-stock banks, six city commercial banks, and five rural commercial banks. Among them, the six major state-owned banks collectively plan to distribute approximately 220.989 billion yuan, accounting for over 80% of the total disclosed amount.
09:37
In early trading, CPO concept stocks fluctuated downward, with Tianfu Communication dropping over 10%, while Linktel Technologies, O-Net Technologies, Changxin Bochuang, Robotechnik, and Shijia Photons all fell over 4%.
09:35
The ChiNext Index dropped over 2%, the Shanghai Composite fell 0.38%, and the Shenzhen Component declined 1.30%. Computing hardware, semiconductor chips, and software services led the declines, with nearly 3,800 stocks falling across the Shanghai, Shenzhen, and Beijing exchanges.
09:26
The Shanghai Composite Index opened 0.13% lower, while the ChiNext Index fell 1.46%. Physical AI, optical communications, and storage sectors corrected. Shipping, gold, construction machinery, and coal sectors were active.
09:21
The Hang Seng Index opened 0.03% lower, and the Hang Seng Tech Index fell 0.5%. Shandong Gold, China Pacific Insurance, Zhongji Innolight, and Montage Technology corrected.
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