Tech Retreats, Baijiu Steps In
The ChiNext wipes out its year-to-date gains as liquor stocks stage a counter-rally, with Shede sealing the daily limit-up.
On the final trading day of July, A-shares turned a cold shoulder to tech. The ChiNext slid hard enough to wipe every gain booked this year, the way you flip past a page you no longer wish to read.
Across the floor, liquor stocks lifted their glasses. Shede sealed the daily limit-up, and the old refrain of a "baijiu rally" reappeared on the boards — though the cup this time holds more caution than conviction.
Tech steps back, baijiu steps forward; the scissor spread tells the whole story. Palates on the market have shifted, and the how of that shift often says more than the headline does.