On August 24, all three major A-share indices closed lower, with the ChiNext Index and the STAR 50 Index leading the declines. By the close, the Shanghai Composite Index fell 0.59% to 3882.01 points, the Shenzhen Component Index dropped 2.13% to 13794.29 points, the ChiNext Index declined 3.21% to 3431.89 points, the STAR 50 Index slid 3.10% to 1602.34 points, and the Beijing Stock Exchange 50 Index lost 2.02% to 1053.62 points. Total trading volume on the Shanghai and Shenzhen exchanges reached approximately 2.01 trillion yuan, expanding by about 128.2 billion yuan from the previous trading day. Across the market, 1,460 stocks rose while 3,965 fell, with 48 hitting the daily limit up and 11 hitting the daily limit down, meaning advancing stocks accounted for roughly 26% of the total.

By sector, coke (+5.39%), insurance (+2.58%), coal mining (+2.17%), crop farming (+2.06%), and precious metals (+1.38%) led the gains, while glass and fiberglass (-5.30%), communication equipment (-5.21%), medical services (-4.31%), electronic components (-4.18%), and semiconductors (-3.13%) posted the steepest losses.

All three major indices declined collectively on the day, with the ChiNext Index falling 3.21% and the STAR 50 Index dropping 3.10% to lead the downturn, while the Shanghai Composite Index showed relative resilience with a 0.59% decline. Two-market turnover stood at roughly 2.01 trillion yuan, up about 128.2 billion yuan from the prior session, with only about 26% of all stocks advancing. In the coal sector, the first round of coke price hikes took effect on August 24, with wet-quenched coke rising 50 yuan per ton and dry-quenched coke increasing 55 yuan per ton. The main coking coal futures contract on the Dalian Commodity Exchange climbed over 2% to touch 1,600 yuan per ton, marking a fresh high since October 2024. According to data from the National Bureau of Statistics, national raw coal output in July totaled 340 million tons, down 10.1% year-on-year. In the precious metals space, spot gold briefly surpassed $4,650 per ounce intraday, supported by the U.S. Treasury's expansion of long-term bond buyback programs and a softer U.S. dollar. In the technology sector, semiconductors, communication equipment, and electronic components led the declines, with Zhongji Innolight falling 7.72% and Tianfu Communication dropping 8.63%. Market commentary suggested that no significant fundamental negative catalysts emerged on the day, with Asia-Pacific tech stocks broadly weak and the Hang Seng Tech Index falling nearly 4% intraday. In shipping, Iran's Persian Gulf Strait Authority issued new navigation control rules for the Strait of Hormuz on August 23, compounded by the Panama Canal tightening daily vessel transit quotas starting in September. As a result, Zhonggu Logistics hit the daily limit up, while Jinjiang Shipping surged over 8%.

Hot sector highlights

In coal, coke and coal stocks rallied against the trend, with the Shenwan coke sector climbing 5.39% to top the secondary industry rankings. Shanghai Energy, Dayou Energy, and Meijin Energy all hit the daily limit up, while Xinji Energy, Haohua Energy, and Shaanxi Coal followed with gains. The catalysts were the implementation of the first coke price hike and the main coking coal futures contract rising over 2% to touch 1,600 yuan per ton, a new high since October 2024, alongside a 10.1% year-on-year decline in July national raw coal output.

In precious metals, gold and silver stocks continued their upward streak. Hunan Silver, Baiyin Nonferrous, and Shenhua A all hit the daily limit up, while Shengda Resources gained 8.88%. The catalysts were spot gold briefly breaking above $4,650 per ounce and the U.S. Treasury expanding its long-term bond buyback scale, which weighed on the U.S. dollar.

In agriculture and crop farming, agricultural stocks were strong throughout the session, with the Shenwan crop farming sector rising 2.06%. Tianshan Bio hit the 20% daily limit up and Denghai Seeds reached the daily limit up, while Qiule Seeds, Wanxiang Denong, and Shennong Seeds followed higher. The catalyst was the UK Met Office's August 21 forecast that this year's El Ni帽o phenomenon could be the strongest on modern meteorological record, prompting Shenwan Hongyuan to flag expectations of reduced crop output and higher prices.

Declining sectors

Semiconductors, communication equipment, electronic components, glass and fiberglass, and medical services led the declines, with communication equipment falling 5.21% and glass and fiberglass dropping 5.30%. In individual stocks, Gongjin Electronics hit the daily limit down, while Zhongji Innolight fell 7.72%, Eoptolink declined 6.79%, Tianfu Communication dropped 8.63%, and Cambricon lost 6.37%. These sectors had all posted significant gains earlier in the cycle, and their sharp declines on the day reflect clear sector rotation in the market.