Back to the Red: 'China's Nasdaq' Surges Again

Technology, Financials, Automotive Author: Ivan Platonov Jul 24, 2019 01:00 PM (GMT+8)

All the Shanghai Stock Exchange STAR Market stocks soared after two trading sessions on July 24.

A screenshot of the STAR board page in Choice terminal, captured at 11:43:00, July 24, 2019

24 out of 25 the Star Market-listed companies saw their stocks growing by 6.23% on average this morning. CRSC (688009:SH) closed trading at the same level;

The sci-tech board's market cap hit CNY 517.18 billion (USD 75.15 billion) by the midday break;

The number of transactions dropped by 25%, compared to the yesterday morning session; the total transaction volume slumped by 45%.

In the afternoon all the 25 companies eventually found themselves in the red, the stocks grew 7.92% on average from yesterday's closing numbers;

The market cap of the 25 made another leap, it is now at CNY 533.66 billion (USD 77.61 billion);

Chipmakers Anji Technology (688019:SH) and AMEC (688012:SH) are priced at 162.12 and 450.28 times their 2018's revenues.