The Shanghai Composite Index slipped 0.7% to 3,663 on Thursday, while the Shenzhen Component Index advanced 1.1% to 11,453, as investors remained wary amid perceptions that Beijing’s latest support measures are designed more to limit further market declines than to ignite a durable bull market.
Earlier in the week, Chinese authorities announced a series of initiatives, including targeted liquidity injections, reduced interest rates on loans used for share buybacks, and looser rules on leveraged trading. Still, many market participants stayed cautious, emphasizing that a sustained rebound will depend on stronger economic growth, better corporate earnings, and a genuine revival in investor sentiment.
Major financials underperformed, with Industrial and Commercial Bank of China down 1.2% and Agricultural Bank of China down 1.4%. Energy names also weakened, including PetroChina, which dropped 7.3%, and CNOOC, down 6%. By contrast, several growth and technology-related stocks posted gains, such as CATL (up 2.7%), BYD (up 1.2%), NAURA Technology (up 3.4%), and Luxshare Precision Industry (up 2.6%).
