Shanghai Composite Index Hits 10-Month Intraday High Driven by Banking Stocks

Investing.com – On Monday (8th), major stock indexes generally rose. Driven by banking stocks, the Shanghai Composite Index once rose above 3,400 points, hitting a ten-month intraday high.

Today, the turnover of A shares and the two markets was 1.1369 trillion yuan. The net purchase of northbound funds was 2.049 billion, and the net inflow was 4.031 billion.

As of market close:

• It rose 1.81% to close at 3395.00 points, and once rose to 3400.18 points in the intraday session, which was a new intraday high since July 5, 2022;
• Up 0.40%, to close at 11225.77 points;
• Up 0.25%, to close at 2273.40 points;
• Up 0.77%, to close at 1057.21 points;
• At the time of writing, it was up 0.82% at 13,391.5 points.

Bank stocks continued to soar. Before the deadline, Bank of China (SS:) rose by the limit, Industrial and Commercial Bank of China (SS:) rose by more than 6%, Agricultural Bank of China (SS:) rose by more than 7%, and China Construction Bank (SS:) rose by more than 5%. Minsheng Bank (SS: ) rose more than 6%, and Ping An Bank (SZ: ) rose more than 3%.

Other stocks with the first name in China were also among the top gainers. (SZ:) rose about 8%, China Heavy Industry (SS:), PetroChina (SS:) rose more than 7%, and China Mobile (SS:) rose more than 5%.

Scenic spot tourism, hotel and catering stocks continued to fall, Lijiang Tourism (SZ:) fell more than 4%, Jin Jiang (SS:), Beijing Travel Hotel (SS:) fell more than 3%.

Many brokers believe that the “China Special Evaluation” is the main line of the market in the near future. Ping An Securities stated that, structurally, the main line of investment in TMT and “China Special Evaluation” will remain unchanged throughout the year, and short-term focus will be on advanced manufacturing, which continues to enjoy high economic prosperity and has increased policy support, and related subdivisions in the TMT field.

Guosheng Securities also stated that in terms of operation, after the high differentiation of the AI ​​main line, in the short term, more attention should be paid to the direction of “medium special valuation” with low valuation, high dividend and relatively backward growth rate.

But for the market, brokers are more cautious. Central China Securities pointed out that the current domestic economic prosperity has declined, and the overseas banking crisis is still fermenting. Market capital inflows slowed down significantly. It is expected that the market will remain volatile in May, and it is recommended to keep the position below 50%.

Guohai Securities reminds that the nature of the current market structural market is still lack of big funds to promote, and before the market sentiment fails to pick up significantly, short-term market adjustments are still possible. Next, it is recommended to watch more and move less, and look for opportunities to buy low around the main line.

Tianfeng Securities also pointed out that the macro fundamentals and policies in the second quarter are difficult to exceed expectations, and incremental funds still need to wait.

[This article is from Yingwei Caiqing Investing.com, to read more, please log in to cn.investing.com or download Yingwei Caiqing App]

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Editor: Liu Chuan