National Bureau of Statistics released the latest data of the GDP growth in the second quarter which marks only 7.6 percent and hits a record low of the past thirteen quarters. Consequently, the Stock Index dropped down to 2152 points, a half-a-year low. The weekly cumulative decline of the Shanghai Composite Index amounted to 1.69 percent after the market closed on last Friday. The weekly candle sticks drops in consecutive four weeks.When the Stock Index was on the verge of breaking an annual low of 2132 points, many heavyweight stocks were faced with huge pressure of adjustment. Statistics show that the share prices of 27 members in the-601 fleet” hit a record low last week, and among them the top one heavyweight stock of A Shares China National Petroleum Corporation easily caught our eyes.
Wind data shows that China National Petroleum Corporation hit the historical low of 8.75 yuan on July 9th. The closing price of the stock on last Friday has been down 77.04 percent since its listing. The latest total market value of China National Petroleum Corporation only amounts to 1.638 trillion yuan with a huge loss of 6.4075 trillion yuan compared with the market value on its first day of listing, a biggest loss of the market value in the history of A shares. Wind data also shows that under the premise of not excluding newly issued shares and the refinancing, since November 5, 2007 on which China National Petroleum Corporation was listed, the total market value of all the A shares fell from 41.28 trillion yuan to 25.71 trillion yuan, the cumulative decrease of 15.57 trillion yuan. Therefore, according to a simple calculation, it can be found that since the listing of China National Petroleum Corporation the total market value of A Shares has evaporated roughly 40 percent.nt.
In addition to the China National Petroleum Corporation, Metallurgical Corporation of China, Sinovel Wind Group Company, and BBMG Corporation also joined in the “601 fleet” which slumped to a new all-time low. The three stocks tumbled respectively 65.05 percent, 65.24 percent and 59.09 percent since their listing, which resulted in a sharp reduction of their total market values 68.8 billion yuan,54.4 billion yuan and 38.2 billion yuan, and their adjustments can also be called tragic.
In addition, the stocks with China “prefix” such as China CNR, China Communications Construction Company Limited, China BARI, etc also dropped to a record low last week and suffered the same fate as the China National Petroleum Corporation having a weak performance over the same period.
Analysts believe that the members of “601 fleet”, especially the blue chips, whose main businesses are generally related to the macro-economy, will inevitably be dragged down on the secondary market with the decline of the macroeconomic growth rate; During the downturn of the market, most investors are reluctant to place their limited funds into such “elephant” stocks. The above-mentioned factors are intertwined to result in the record low price of 27 members in “601 fleet” last week.
The e-commerce company in China offers quality products such as Electronic Price Computing Scale , China Digital Gold Scales, and more. For more , please visit Digital Kitchen Weighing Scale today!