The three major A-share indices of Shanghai and Shenzhen fell by 0.2%-1.6% in the first half of the day, while domestic banks and oil and gas stocks rose against the trend

The People's Bank of China today (12th) conducted a 195.5 billion yuan (the same below) seven-day reverse repurchase operation in the open market, with the operation rate remaining at 1.4%. Today, 65.5 billion yuan of reverse repos matured, resulting in a net injection of 130 billion yuan. The central parity rate of the yuan against the US dollar was adjusted up by 33 points to 7.0833 per US dollar.

The three major A-share indices were weak in the morning session. The Shanghai Composite Index closed at 3,993 points, down 9 points or 0.2%, with a turnover of 542.7 billion yuan; the Shenzhen Component Index closed at 13,146 points, down 142 points or 1%, with a turnover of 714.7 billion yuan; the ChiNext Index closed at 3,084 points, down 49 points or 1.6%, with a turnover of 310.5 billion yuan.

Banking stocks supported the Shanghai Composite Index, with Industrial and Commercial Bank of China (601398.SH) and China Construction Bank (601939.SH) rising 1.6% and 1.4%, respectively. Agricultural Bank of China (601288.SH) rose 3.1% to a new high. In addition, CATL (300750.SZ) fell 0.2%. BYD (002594.SZ) fell 1%.

Oil and gas stocks rose against the trend, with SSC (600871.SH) and Zhun Oil Co., Ltd. (002207.SZ) both hitting the daily limit. Retail and consumer stocks, represented by Dongbai Group (600693.SH), have seen three consecutive days of hitting the daily limit.

Among leading chip stocks, SMIC (688981.SH) closed flat. Hua Hong (688347.SH) fell 2.4%. Technology stock Cambrian (688256.SH) slightly fell 0.3%