Star Market Soars on Friday Despite New Tariff Warnings
The Star Market stocks surged in the morning trading session. Is China's sci-tech board tweet-proof?
While major Asian markets cratered after the fresh tariff announcement, investors are seemingly bullish about the Shanghai Stock Exchange Star board: shares at the venue jumped an average 5.05% this morning.
The Star Market, a Nasdaq-style subplatform on the Shanghai bourse, saw its stocks reaching a new record high by the midday break. Combined market cap of the 25 companies hit CNY 651.33 billion (USD 94.31 billion), growing 5.9% from yesterday's closing CNY 615.06 billion (USD 89.05 billion).
Shandong province-based electrical equipment producer Raytron Technology (688002:SH) hit the "+20%" ceiling and stopped trading for a while. Cutting tools manufacturer Worldia (688028:SH) zoomed 11.9%, its market cap climbed to CNY 11.28 billion (USD 1.63 billion). Rail transportation behemoth CRSC (688009:SH), the largest company on the board, surprisingly found itself among the top performers with 10.78% boost in share price.
At the same time, mainland China main boards indices Shanghai Composite and Shenzhen Composite dropped 1.68% and 1.90% respectively this morning. Hang Seng sunk 2.37%, Nikkei 225 shifted down 2.40%.