Market Insights: Mar 26th, 2024


The three major indices opened mixed; Alibaba reduced its holdings in Xpeng Motors shares; Bitcoin climbed above $70,000 once again.

Stock Market Performance:

  • The three major indexes opened mixed: The Shanghai Composite Index opened up 0.02%, the Shenzhen Component Index opened down 0.10%, and the ChiNext Index opened down 0.04%.
  • Market Performance: Sectors like cultivated diamonds and vitamins led the gains, while Kimi concept and high-speed connectors were among the biggest losers.
  • Strong Stocks Retreating: Multiple stocks opened with a limit down, including Ai Ai Precision Engineering, Boxin Shares, Dynamic New Science & Technology, Dali Pharmaceutical, Xianheng International, and Xinya Electronics.

Taobao Reduces Holdings in XPeng Motors:

  • Alibaba's subsidiary, Taobao China Holding Ltd., completed the sale of 33 million ADS of XPeng Motors, reducing its shareholding ratio from 9.23% to 4.94%, cashing out approximately 310 million USD (about 2.26 billion yuan).

Hong Kong Stock Market:

  • The three major indexes all opened higher: the Hang Seng Index was up 0.45%, Hang Seng Technology Index increased by 0.91%, and Hang Seng China Enterprises Index was up 0.99%.
  • Tech stocks saw mixed performances, with Lenovo up more than 4%, Baidu nearly 4%, Xiaomi about 1%, and Alibaba down more than 1%. Oil stocks were up, with PetroChina rising more than 1%, and auto stocks generally rebounded, with Li Auto up more than 3%.

Currency Market Dynamics:

  • The midpoint of RMB to USD was adjusted to 7.0943, up 53 points.
  • Offshore RMB rose in early trading, gaining more than 100 points during the day, briefly breaking above 7.24.

Cryptocurrency Market:

  • Bitcoin climbed above 70,000 USD again, with a gain of more than 4%, reaching 70,308.6 USD.
  • Ethereum reached 3600 USD per coin, for the first time since March 18.

EU Antitrust Investigation:

  • For the first time under the new Digital Act, the EU launched an antitrust investigation against Apple, Google, and Meta.
  • The tech giants face substantial fines, potentially up to 10% of their global revenues.
  • Pan-European stock indices rebounded to all-time highs, with German, Italian, and Spanish stocks achieving new historical highs over five consecutive days.

Threat to US Tech Giants:

  • The NASDAQ fell from record highs, ending a five-day winning streak, while the S&P 500 and Dow Jones Industrial Average experienced two consecutive days of decline.
  • EU investigations pose a threat to the "Tech Big Seven," with stocks of Apple, Google, and Meta falling more than 1% during trading.

Japanese Yen Intervention Warning:

  • Japanese stocks led declines in Asian markets. Japan's top foreign exchange official warned of a weak yen, indicating potential intervention.
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The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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