China's A-Share Market Closes Lower as ChiNext Index Drops 2.31% and Oil Sector Moves Higher

A Shares Slide as Oil and Pharma Buck the Trend

China's A-share market opened lower and kept sliding. The Shanghai Composite closed down 0.74%, the Shenzhen Component fell 1.6%, and the ChiNext Index dropped 2.31%. Total turnover in Shanghai and Shenzhen came in at 1.84 trillion yuan, down 169.5 billion from the previous session.

The oil sector stayed hot, with China Petroleum Engineering hitting the daily limit in the afternoon. The innovative drug sector rallied against the market, with Jinyao Pharmaceutical notching its fifth straight limit-up. Beida Pharmaceutical and Yibai Pharmaceutical both posted their second. Pork stocks were active all day, with Juxing Nongmu hitting the limit-up and Dayu Bio gaining over 7%.

Parts of the power sector saw action, with Leshan Electric and Sichuan New Energy Power among those hitting limits. Fiber optic names kept their momentum, with Zhongli Group notching its sixth limit-up in ten days. Yangtze Optical and Hengtong Optic followed higher.

On the losing side, computing power concepts, semiconductors, hotels and restaurants, and real estate led the declines. Nearly 4,400 stocks ended the day in the red.