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China's stock market closed lower Monday, with the Shanghai Composite Index hitting its biggest one-day decline in more than two months as investors lowered their expectations of a sharp interest rate cut by the Federal Reserve and this week a series of new stock issuances hit technology stocks.
The Shanghai Composite Index. SSEC closed down 2.58% at 2,933.36, its biggest one-day decline since May 6.
The Shanghai and Shenzhen 300 index. CSI300 closed down 2.32%, the biggest one-day decline since May 17. The Shanghai-Shenzhen 300 financial real estate index fell 2.21%, the main consumption index of the Shanghai-Shenzhen 300 fell 1.19%, the Shanghai-Shenzhen 300 real estate index fell 1.89%, and the Shanghai-Shenzhen 300 medical and health index fell 1.94%.
The Shenzhen Composite Index. SZSC closed down 2.9% and the GEM index closed down 2.654%.
Analysts at Huatai Securities said they expected the market to remain relatively stable, despite the better-than-expected results of last week's G-20 summit, which led to a surge in the stock market, "the turning point of fundamentals has yet to come". They pointed out in a report that as the corporate earnings season is approaching, "earnings may be the most powerful source of market power in the near future."
Huatai analysts said, "due to the relaxation of US-China relations, and the formal opening of Kechuang board, investors should pay attention to technology stocks in the medium term. But this week, when new shares are issued centrally, investors should be wary of the impact on market liquidity.
Twenty-two companies are expected to launch initial public offerings (IPOs) this week, of which 21 are in Kechuang. The Shanghai Stock Exchange said on Friday that the first batch of Companies in the company will start trading on July 22.


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