On October 23, the Chinese A-share market demonstrated a generally upward trend, with most key indices recording gains. The Shanghai Composite Index continued its rally, managing to close in the green despite some fluctuations during the session, marking its fourth consecutive rise and successfully reclaiming the 3,300-point threshold.
By the end of the trading day, the Shanghai Composite Index stood at 3,302 points, up 0.52%; the Shenzhen Component Index closed at 10,576 points, gaining 0.16%; while the ChiNext Index fell by 0.53% to 2,205 points. The total trading volume for both Shanghai and Shenzhen stock exchanges reached approximately 19.27 billion yuan, showing a slight increase compared to the previous trading session.
Lin Yang, an analyst from Dongxing Securities, noted that the recent performance of A-shares has shown a pattern of steady upward movement. The Shanghai Composite Index’s ability to maintain itself above 3,300 points is largely attributed to the market entering a phase where positive policies are being implemented. There has been a consistent release of favorable news, particularly with the Chinese central bank introducing two key financial tools aimed at bolstering the capital market, which has significantly boosted investor confidence.
Recently, the central bank’s newly created Securities, Fund, and Insurance Company Swap Facility (SFISF) saw its first operational activity. The operation involved a total of 50 billion yuan, conducted through a rate bidding process with participation from 20 institutions. The highest bidding rate was set at 50 basis points, while the lowest was 10 basis points, with the winning rate at 20 basis points. Reports indicate that several brokerage firms have started purchasing stocks, with China International Capital Corporation (CICC) making its initial stock purchase under the SFISF on October 22.
In terms of sector performance, most industries within the A-share market showed strength on that day. According to data from East Money, sectors such as wind power equipment and aerospace led the gains, increasing by 5.35% and 4.84%, respectively.
