Star Market Up 1.39% after Tumbling Last Week
Stocks surged on the Shanghai Stock Exchange sci-tech board this morning, recovering after a 13.97% decline in the last five trading days.
Total market capitalization of the 28 firms listed on the Star Market hit CNY 614.04 billion (USD 85.98 billion) by the midday break, adding 1.39% to the pre-opening CNY 605.62 billion (USD 84.80 billion).
This is a minor market correction after all the sci-tech board stocks went into free fall last week, shrinking by 13.97% on average.
Semiconductor companies, considered by EqualOcean as a bellwether of China's tech scene, have been hovering around the zero-growth mark this morning. AMEC (中微公司, 688012:SH) and Amlogic (晶晨半导体, 688099:SH) ended up the session drawing a peculiar sort of harami cross. Anji Technology (688019:SH), the smallest chipmaker therein, grew 0.96%, reaching CNY 7.60 billion (USD 1.06 billion) in market cap.
According to EqualOcean analysis, the market is projected to bounce back this week, retaking up to 12% of market equity value.
Meanwhile, a new stock at the venue is coming: Beijing-based software firm ABT Networks (安博通, 688168:SH) has been successfully registered and is expected to start trading shortly.