A-share diving fell below 3,000 points, foreign capital smashed more than 7.2 billion, and the national team started

This morning, foreign capital sold sharply, is the main selling pressure, with the index repeatedly pulled up failed, the market panic intensified, the selling pressure was sharply amplified, the end of the panic is killed, although the national team has a shot to protect the disk, but the buying strength is too small, the Shanghai Index still fell below 3000 points.

Let's take a look at it specifically. Bank of Japan Governor Kazuo Ueda said on Wednesday that the bank maintained the pace of buying Japanese government bonds when it changed policy settings in March to minimize the impact of discontinuity. Kazuo Ueda said in the Japanese parliament that it will buy Japanese government bonds at the same pace for now, but will eventually consider reducing purchases to reduce the BOJ's sovereign bond holdings. Kazuo Ueda said it would take some time to figure out what to do with the ETF holdings rather than thinking about immediate disposal. The central bank's statement pulled the dollar higher, while non-US currencies fell across the board.

But this is very far-fetched to explain, today's offshore RMB exchange rate depreciation is far less than last Friday, intraday depreciation is at most about 100 points, foreign capital is unlikely to flow out sharply because of this fluctuation of RMB. The Japanese stock market has risen sharply, and the Asia-Pacific stock market has performed relatively normally, so does it only affect A-shares?

We believe it's more internal:

The interpretation of the Securities Times is that today is the settlement day of ETF options. This is probably the main reason for the tail dive. The settlement date of ETF options is the fourth Wednesday of each month, which will be rolled over if it falls on a statutory holiday. And today happens to be Wednesday. Generally speaking, the risk on the settlement date of an option is not small. For example, on February 28, the options were settled, and the market fell sharply.

There are also rumors that the public offering has suffered another net redemption, and the previous rumor that the public offering cannot participate in speculation also has an impact.

Positive, negative is for the trend of service, the rise is good, the fall is negative, it may simply be that the market confidence has not been fully established, when the rise is still confident, but once it is almost 3000 points, you will remember the fear of the plunge in January, are worried that the tragedy will be repeated, and the national team is indeed not as strong as expected.

Specifically, as of the close, the Shanghai Composite Index fell by 1.26%, losing 3,000 points, and the ChiNext Index fell by 2.81%, losing 1,800 points. The Hang Seng Index of Hong Kong stocks fell by 1.36%, the Hang Seng Technology Index fell by 2.25%, the turnover of the two cities shrank to 0.88 trillion, more than 4,700 companies fell, and northbound funds sold a net of 7.249 billion.

In terms of industries, only banks and household appliances rose, while computers, comprehensive finance, media, national defense and military industry, electronics and other industries led the decline.

We said yesterday that we would not fall below 3,000 points, and we were slapped in the face today, but the view remains the same, the fundamentals do not support a big fall, it is more a problem of capital, and it can only be said that the ecology of A-shares is too bad.

Risk Warning:

The stock market is risky, investment needs to be cautious, this article does not constitute investment advice, readers need to think independently