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Shanghai & Shenzhen Markets Open 0.5%0.9% Lower; Chip-Related Stocks Weak
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Investors are awaiting a meeting between Chinese and US leaders. The RMB central parity against the USD was set at 6.8431, down 5 bps MoM. The People's Bank of China conducted RMB500 million of seven-day reverse repos in the open market today (13th), with the operation rate unchanged at 1.4%. Meanwhile, RMB26 billion of reverse repos matured, resulting in a net daily liquidity withdrawal of RMB25.5 billion. The three major A-share indices opened 0.5% to 0.9% lower. The Shanghai Composite Index opened down 22 points, or 0.5%, at 4,192. The Shenzhen Component Index opened down 111 points, or 0.7%, at 15,713. The ChiNext Index opened down 34 points, or 0.9%, at 3,900. Among bank stocks, ICBC (601398.SH) opened 0.4% higher, while CCB (601939.SH) opened 0.1% lower. BYD Company (002594.SZ) opened flat. CONTEMPORARY AMPEREX (300750.SZ) opened 0.1% lower. Chip-related stocks were under pressure. SMIC (688981.SH) and HUA HONG (688347.SH) opened down 2.4% and 1.6%, respectively. AI chip stock CAMBRICON (688256.SH) opened 3% lower. Domestic GPU makers METAX (688802.SH) and MOORE THREADS (688795.SH) opened down 2.8% and 2.5%, respectively. LQKJ (688008.SH) opened 3.2% lower. Optical fibre maker YANGTZE OPTICAL FIBRE (601869.SH) opened 4.5% lower. (jl/u) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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