A snapshot of the many faces of A-shares at October’s close: Those holding high-dividend bank stocks are counting new highs; those holding ChiNext stocks are counting their losses; those holding liquor stocks might want to pour themselves a drink tonight to calm their nerves—the Shanghai Composite fell 6.33% for the month to close at 3,599, below 3,600; the Shenzhen Component fell 15.94%; ChiNext fell 23.02%, down more than 44% from its June peak. More than 4,500 stocks closed lower for the month, with the median stock down over 12%. On the other hand, China Construction Bank, ICBC, Bank of China, China CITIC Bank and Shaanxi Coal all hit new highs; China Shenhua reached a nearly 19-year high, and PetroChina an 18-year high. Liquor stocks also saw a sea of limit-up gains today, while Xi’an Bank rose 8.64%. In the same October, some hit new highs while others were cut in half—which side are you on? A. High-dividend stocks are the winning play this time. B. A drop of over 20% makes it a golden buying opportunity.
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