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2025-07-31 13:09:37
A-shares saw a mixed performance in early trading on Thursday, with the Shanghai Composite Index closing down 0.7% at 3,591.26 points and the CSI 300 Index down 1.1%. Profit-taking after hitting a 3.5-year high, coupled with the July manufacturing PMI remaining below the boom-bust line for the fourth consecutive month, weighed on the main board. However, the ChiNext and STAR Markets bucked the trend, rising 0.4% and 0.1%, respectively. The real estate sector led the decline, with the CSI 300 Real Estate Index plummeting 3.5%. Analysts noted that the recent Politburo meeting focused little on the real estate sector, cooling market expectations for policy stimulus. A Citi report suggests that after a period of consolidation in August, the real estate sector may see renewed expectations of policy stimulus in September. Meanwhile, July PMI data showed a cautious approach to business production, with the new orders index returning to contractionary territory, suggesting that the economic recovery still needs to strengthen its momentum. Market insiders said that despite the short-term adjustment pressure, the Shanghai Composite Index is expected to continue its upward trend in the medium and long term after consolidating in the 3500-3600 point range.
