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Nearly 4,800 stocks fall in A-share market; 'Big Three Oil' firms buck trend, banking sector holds up
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On September 28, China's A-share market experienced a broad decline, with nearly 4,800 stocks falling. The Shanghai Composite Index dropped 1.74%, the Shenzhen Component Index fell 3.37%, and the ChiNext Index lost 4.32% by midday. The communication sector was a major drag, falling over 7%. In contrast, China's 'three oil majors' (PetroChina, Sinopec, CNOOC) rose sharply, and the banking sector showed relative strength, with stocks like Industrial and Commercial Bank of China (ICBC) gaining. Hong Kong's Hang Seng Index rose over 1%, led by NetEase. Hong Kong-listed Keystone Technology surged 24.4% after announcing increased investment in AI foundational technology and the development of its Keytop Agent AI platform, which deploys AI agents for tasks such as toll booth management, parking lot management, cloud customer service, and finance. The company stated the platform enables autonomous, end-to-end business process execution with operational transparency for human oversight.
Source report
A-Share Market Overview
On the morning of September 28, major A-share indices declined sharply, with nearly 4,800 stocks falling. The ChiNext Index and the Sci-Tech Innovation Composite Index led the downturn.
Key indices at morning close:
- Shanghai Composite Index: down 1.74%
- Shenzhen Component Index: down 3.37%
- ChiNext Index: down 4.32%
- Sci-Tech Innovation Composite Index: down 4.32%
Sector Performance
Telecommunications Sector Under Pressure
The telecommunications sector suffered significant losses, falling over 7% during the session and becoming one of the main drags on market sentiment. Affected stocks included:
- Kunheng Shunwei
- LianTe Technology
- Changjin Photon
- Chengtian Weiye
- Changjiang Communications
- Fenghuo Communications
- Hengtong Optic-Electric
- Tongding Interconnection
- Star-Net Ruijie
- Yongding Co.
- Huamai Technology
- Ruisi Kanda
- Shijia Technology
- Tefei Information
- Zhongji Innolight
- Tianfu Communications
"Big Three Oil Companies" Buck the Trend
China's three major state-owned oil companies—commonly referred to as the "Big Three"—rose notably during morning trading, standing in stark contrast to the broader market decline.
Banking Sector Shows Resilience
The banking sector demonstrated relative strength, with multiple bank stocks gaining ground:
- SPD Bank
- Bank of Qingdao
- Chongqing Rural Commercial Bank
- Bank of Suzhou
- Bank of Nanjing
Among banking blue chips, Industrial and Commercial Bank of China (ICBC) also posted gains.
Hong Kong Market Performance
Hong Kong stocks performed well in morning trading, with the Hang Seng Index rising over 1% at one point.
Top performers among Hang Seng Index constituents:
- NetEase: led gains, rising over 4%
- PetroChina
- China Resources Power
- China Resources Land
- China Mengniu Dairy
- ICBC
Notable Stock Moves
Ketu Co., Ltd. surged 24.4% as of the time of reporting. According to a company announcement released last Friday evening, the group has been increasing its investment in foundational AI technology during the first half of 2026. It has developed the Keytop Agent AI foundational platform, which features autonomous task planning, execution, and continuous self-optimization capabilities.
The announcement stated that based on the Keytop Agent platform, the group has deployed an AI agent matrix covering key operational functions including AI toll booths, AI parking lot managers, AI cloud customer service, and AI finance. This enables autonomous, end-to-end business process execution while maintaining operational transparency for human oversight.
Source: Securities Times
Source
东方财富网-公司资讯Eastern
Part of this Story
China A-shares plunge with 4,800 stocks down; oil majors and banks buck trend