Mainland stocks rose on Wednesday (6th) due to the bullishness of the “New Ten Rules”, but then profit-taking pressure emerged,The Shanghai Composite IndexTurned down, the turnover of the two cities has shrunk, and the turnover of the whole day is less than 950 billion yuanRMB, a small net inflow of northbound funds. The Hang Seng Index of Hong Kong stocks closed down 3.22%, after rising 1.5% during the session.
As of closing,The Shanghai Composite IndexIt fell 0.4% to 3199.62 points, the Shenzhen Component Index rose 0.17% to 11418.76 points, the ChiNext Index rose 0.87% to 2414.04 points; the total turnover of the two cities was 948.6 billion yuan, and the net purchase of northbound funds was 273 million yuan.
On the disk, the tourism and pharmaceutical sectors have risen sharply, while the coal, insurance, real estate, semiconductor, and other sectors have weakened.
The State Council’s “New Ten Measures” for epidemic prevention were released as expected. In response to the problem of increasing the number of layers that has aroused public disgust, the notice stipulates that, except for special places, it is not required to provide a negative nucleic acid test certificate and not to check the health code. It also emphasized that infected persons should be “scientifically classified and treated”. Asymptomatic infected persons and mild cases who are eligible for home isolation are generally isolated at home, or they can voluntarily choose centralized isolation and treatment.
At the same time, the official media also released news that the Political Bureau of the CPC Central Committee held a meeting on Tuesday. For the economic work in 2023, it will focus on stabilizing growth, employment, and prices, and will continue to implement a proactive fiscal policy and a prudent monetary policy. Policies must be stepped up to improve efficiency, and monetary policies must be precise and powerful.
These are the clearest signs yet of an easing of the epidemic, although analysts say the road to a full reopening of the economy will be long and bumpy and not without risks if new infections or deaths spike.
The related bullishness originally pushed up the rally, but the market soon turned down, especially in Hong Kong stocks. The Hang Seng Index closed down 3.22%, and once rose 1.5% in the intraday; the Hang Seng Technology Index fell 3.77%, and rose nearly 4% in the intraday.
Wang Xin, portfolio manager at Tosan Fund Management Co, said the easing of restrictions was expected, and he chose to sell when sentiment was high because the market had largely priced in expectations for further easing of restrictions.
Soochow Securities pointed out that,The Shanghai Composite IndexAfter the continuous increase and breaking through the 3200 mark, most individual stocks have undergone benign adjustments. Affected by the optimization of epidemic management measures, investment logic has undergone major changes, and market funds have begun to switch positions and swap shares on a large scale. In terms of operation, investors can still maintain medium and high positions, choose market hotspots for short-term transactions, and make appropriate adjustments in the direction of stock selection following the current policy shift.
Guosheng Securities recommends that the two lines of “policy-oriented” and “post-epidemic recovery” be the core direction of operation, and pay attention to trading opportunities in the digital economy, central enterprise reform, new retail and other sectors on dips.