Objective market moves across A-shares, Hong Kong, U.S. equities and commodities. Market tape is excluded from industry-impact scoring.
In a weak market session, the consumer staples sector outperformed, with liquor and dairy stocks leading gains. Three companies—Jinzhongzi Liquor, Yiming Food, and Dongbai Group—each reached their daily upper price limit, signaling investor rotation into defensive stocks.
On July 28, 2026, A-share indices opened lower and declined throughout the session. The Shanghai Composite Index fell 1.16% to 3813.31, the Shenzhen Component Index dropped 4.52% to 13509.68, and the ChiNext Index plunged 7.35% to 3327.03. Total turnover on the Shanghai and Shenzhen exchanges was 2.0258 trillion yuan, down 50.8 billion yuan from the prior day. Of stocks traded, 2,601 rose while 2,765 fell. Food & beverage and retail sectors led gains, with several stocks hitting daily limit ups, while banks advanced. Telecom and electronic stocks slumped sharply, with many stocks falling by 10% or more. Building materials also weakened.
On July 28, China's A-share three major indices fell. The Shanghai Composite Index dropped 1.16%, the Shenzhen Component Index fell 4.52%, and the ChiNext Index declined 7.35%. Market turnover exceeded RMB 2 trillion, with over 2,700 stocks declining. The food and beverage sector bucked the trend, with several stocks hitting daily limits.
All four major A-share indices closed lower on the day. The Shanghai Composite Index fell 1.16%, the Shenzhen Component Index dropped 4.52%, the ChiNext Index lost 7.35%, and the STAR Composite Index declined 5.93%. The semiconductor and computing hardware supply chain experienced deep adjustments, with CPO, memory, and PCB sectors leading the decline. Rare metals, CRO, photovoltaic, lithium battery, and commercial aerospace concept stocks also fell sharply. In contrast, banking, financial technology, large consumption, and brain-computer interface sectors bucked the trend and strengthened.
FTSE China A50 index futures extended their decline in the afternoon session, falling more than 3%. The drop reflects continued selling pressure on the benchmark tracking the top 50 A-share companies listed in Shanghai and Shenzhen. The futures contract has been volatile amid market concerns, and the 3% fall marks one of the largest single-day declines in recent weeks.
On July 28, oil and gas stocks rose in the A-share market. Tongyuan Petroleum climbed over 6%, while Shandong Molong, Qianneng Hengxin, Zhongman Petroleum, and Haimo Technology followed the uptrend.
China's major A-share indexes declined on July 28, with the ChiNext Index falling 7%, the Shenzhen Component Index dropping over 4%, the Shanghai Composite Index down 1.4%, and the STAR 50 Index losing more than 6%. The CPO concept and chip sectors led the declines.
Hong Kong-listed storage concept products saw widening losses, with leveraged ETFs tracking major memory chipmakers falling sharply. The Southern 2x Long Hynix product dropped more than 30%, while the Southern 2x Long Samsung Electronics product declined more than 27%.
The oil and gas sector recovered with fluctuations during the session. Keli Co. rose more than 10 percent, leading the sector's rebound. Other stocks including Tongyuan Petroleum, Shandong Molong, Qianneng Hengxin, Zhongman Petroleum, and Haimo Technology also advanced. The sector's uptick followed a period of oscillation.
South Korea's KOSPI index extended its decline to 11%, falling below the 6,000-point mark for the first time since April 14. The index has dropped more than 30% from its June peak. Among individual stocks, SK Hynix tumbled over 14% and Samsung Electronics lost more than 13%, contributing to the broad market rout.
As of July 27, 2026, a total of 2,209 funds in China had made 3,766 dividend distributions this year, with the combined amount reaching RMB 97.806 billion. The data reflects active fund dividend distributions during the period.
The MLCC concept sector declined, with Yunzhong Technology dropping over 10% and Torch Electron approaching its daily limit down. Bojie, Sanhuan Group, Guoci Materials, and Lihexing all fell over 7%.
ChangXin Technology surged more than fivefold on its July 27 trading debut, closing at RMB 49 per share for a market capitalisation of RMB 3.28 trillion, making it the highest-valued company on China’s A-share market. The semiconductor firm’s shares opened sharply higher and maintained gains throughout the session.
The Shanghai tin main contract declined 2 percent during the trading session to 409,500 yuan per tonne, and the London tin contract also fell 2 percent to 53,234 dollars per tonne, reflecting the day's price action in both markets.
On July 28, spot silver fell below the $57 per ounce threshold, recording an intraday decline of 2.48%. The precious metal's price dropped during the trading session, breaking through the key level. The decline reflects selling pressure in the silver market, with no immediate catalyst reported. The move marks a significant intraday loss for the metal.
NVIDIA and SK Group announced a $500 billion artificial intelligence partnership and a $250 billion financing guarantee for OpenAI, sparking a broad selloff in global semiconductor and Asian equity markets. The Philadelphia Semiconductor Index fell more than 5%, NVIDIA dropped over 5%, and South Korea's stock market triggered a circuit breaker. SK Hynix fell below its IPO price, SanDisk lost more than 11%, and Micron declined over 7% intraday. NVIDIA's credit default swap spreads widened sharply, reflecting growing concerns about the sustainability of AI-related capital expenditure.
On July 28, disperse dye concept stocks experienced a notable rally. Anoky and Jihua Group hit the daily limit up, while Jinji Shares surged more than 10%. Other stocks including Runtu Shares, Yayun Shares, and Shilong Industrial also led the gains.
In intraday trading, computing power concept stocks experienced localized volatility. Annuqi and Jinji Stock each surged over 10%, while Arte, Dongfang Materials, Ruisikangda, and Hanxin Technology were among the top gainers.
Asia-Pacific semiconductor stocks plummeted on July 28, with South Korea's KOSPI index falling nearly 9.6% and triggering a 20-minute trading halt. SK Hynix dropped over 11%, Samsung Electronics over 9%, and Hong Kong-listed leveraged ETFs for both stocks fell over 26%. SK Hynix's drawdown from its peak reached 40%, wiping out over $470 billion in market value. Overnight, Nvidia shares slumped 5% after announcing a $500 billion AI partnership with SK Group and a $250 billion funding guarantee for OpenAI, losing its global market-cap lead and shedding about $250 billion. SK Hynix's US ADR broke below its $149 IPO price. The company will report Q2 2026 earnings on July 29, with conservative forecasts indicating profit 8% below consensus.
In morning trading, brain-computer interface concept stocks extended their rally. Innovation Medical hit its daily limit for the third time in four trading days. Hainan Haiyao, Nanjing Panda, Aipeng Medical, and Saili Medical also touched their daily limits. Meanwhile, the CPO (co-packaged optics) concept declined, with Ruijie Networks, Zhongji Innolight, and Xinyisheng among the biggest losers.
At the midday close on July 28, Hong Kong stocks were mixed. The Hang Seng Index fell 0.11%, while the Hang Seng Tech Index gained 0.16%. Luoshi Robotics surged 8%, and China PICC (PICC Property and Casualty) rose over 7% (7.12%). In contrast, Laopu Gold plunged over 22%, and Zhipu tumbled over 16%.
Hong Kong stocks were mixed at midday. The Hang Seng Index fell 0.11% to 25,178.21 points, while the Hang Seng Tech Index rose 0.16% to 4,709.44 points. Sector performance diverged, with food and beverage, consumer staples, and auto sectors leading gains, while semiconductors, industrial engineering, and raw materials sectors declined.
By 10:46 a. m. , Eoptolink Technology Inc. recorded a trading volume of 172.30 billion yuan, surpassing its previous full-day total of 171.29 billion yuan. The stock price fell 12.64%, and the turnover rate was 3.07%. The company, founded in 2008, has a registered capital of 1.39 billion yuan.
Tongfu Microelectronics Co. , Ltd. saw its morning session turnover surpass RMB 10 billion, reaching RMB 10.132 billion as of 11:05 a. m. The stock price fell 9.98% from the previous close, with a turnover rate of 9.36%. The previous trading day's full-day turnover was RMB 17.277 billion. The company was founded on February 4, 1994, with a registered capital of RMB 1.5176 billion.
As of 10:40, Zhongji Innolight's turnover reached 15.09 billion yuan, with the stock price falling 1.13% and a turnover rate of 1.31%. On the previous trading day, the stock's full-day turnover was 22.94 billion yuan.
Changxin Memory Technologies Group Co. , Ltd. listed on the STAR Market on July 27, surging 465.82% on its first day to a market capitalization of 3.28 trillion RMB. A wholly-owned subsidiary of Xiaomi Technology, Wuhan 1810 Enterprise Management Co. , participated in the strategic placement, netting a paper profit of 736 million RMB. The stock fell 1.63% in the afternoon session on July 28, trimming its market cap to 3.22 trillion RMB. The IPO set multiple A-share records, including the largest single-day turnover of 141.19 billion RMB.
In early morning trading, major funds saw net inflows into banking, food and beverage, media, home appliances, utilities, and retail sectors, while net outflows were recorded in electronics, telecommunications, power equipment, machinery, defense, and non-ferrous metals. Among individual stocks, Kweichow Moutai, Yanshan Technology, and ICBC received net inflows of 626 million yuan, 622 million yuan, and 597 million yuan, respectively. On the outflow side, Zhongji Innolight led with a net outflow of 3.902 billion yuan, followed by Dongshan Precision at 3.455 billion yuan and GigaDevice at 3.084 billion yuan.
On July 28, the baijiu sector rallied, with Jinzhongzi Wine surging to the daily limit up. Other stocks including Huangtai Wine, Jinshiyuan, Jinhui Liquor, Laobaigan Liquor, and Kouzijiao Liquor also rose. The move came amid broad market activity, lifting sentiment across the baijiu category.
On July 28, global semiconductor memory stocks fell sharply. GigaDevice dropped 15.75%, Montage Technology 10.81%, Samsung Electronics and SK Hynix over 10% each, and Nvidia 4.99% amid market concerns over its circular financing model and a rumor of a $250 billion guarantee for OpenAI. The Korea Composite Index fell over 9%. SanDisk declined 11.02%, AMD 5.17%, and Micron Technology closed down 2% after a 7% intraday drop.
As of 10:28 a. m. , the Shanghai Composite Index fell 1.09%, with A-share turnover at 937.88 billion yuan, down 13.97% from the previous session. Telecoms plunged 6.16% to lead declines, while social services, retail, and real estate rose around 1%. There were 3,102 gainers and 2,268 losers, with 57 stocks hitting their daily upside limit and seven hitting the downside limit.