China Connect stocks mixed after surprise rate cut.

The Shanghai Composite Index fell by 0.6% to fall below 2,890, while the Shenzhen Composite Index rose by 0.1% to 8,502, resulting in mixed trading until Thursday.

Investors have compared and considered the pressure caused by the unexpected interest rate cut by the People's Bank of China and the decline in the global stock market.

The People's Bank of China implemented an unexpected reduction in the one-year medium-term lending rate, lowering it by 20 basis points to 2.3%.

The People's Bank of China kept the medium-term lending rate unchanged earlier this month and implemented a significant reduction, the largest since April 2020.

The market is paying attention to the latest data on manufacturing and service industries to be released next week.

Meanwhile, the global stock market fell and Chinese technology stocks came under pressure as quarterly earnings from major US tech companies such as Tesla and Alphabet fell short of expectations.

Chinese tech stocks experienced sharp declines, with notable drops in Zhongzi InnoLite (-5.5%), Eptech Technology (-6.1%), Foxconn Industrial (-4.4%), Shanghai Bellings (-1.2%), and Luxshare Precision (-3.6%).