The Fullgoal Shanghai Composite Index ETF (510210.SS) closed the week marginally higher at around 0.9700 , after a modest gain on Friday but with a slight negative performance over the five trading days. Trading throughout the week highlighted ongoing uncertainty among investors, as domestic economic signals and global risk trends continued to cloud sentiment towards Chinese stocks.

Weekly performance characterized by volatility

The fund traded under continued pressure between Monday and Wednesday, reflecting a cautious market tone. The five-day chart shows a decline of about 0.8% at the weekly low, with the pace of selling accelerating midweek. The decline highlighted the fragility of confidence in mainland Chinese stock markets, where investors are particularly sensitive to macro data and policy expectations.

On Thursday and Friday, prices began to stabilize, as the fund recovered towards the 0.97 level . Although the rebound was limited in scope, it helped prevent a deeper weekly decline. Trading volumes remained active relative to long-term averages, indicating continued market participation, but also indicating investor repositioning rather than aggressive new capital injection.

Macro concerns continue to shape sentiment

Broader macroeconomic concerns remained a key theme throughout the week. Questions surrounding the pace of recovery in domestic demand in China , ongoing pressures in parts of the real estate sector , and subdued inflation dynamics continued to limit upside potential. These factors contributed to the cautious tone recorded in mainland stocks, even as other global markets attempted to stabilize.

External influences also played a role. Mixed performance in US and European stock markets, along with fluctuations in expectations about global interest rate paths, added another layer of uncertainty. For international investors, including in Israel, exposure to Chinese stocks remains largely tied to perceptions of political support and progress on structural reforms, rather than just short-term technical signals.

Technical levels and investor positioning

Technically, the fund remained in a relatively narrow trading range, near the lower half of the 52-week range , highlighting the lack of strong positive momentum. The weekly price action indicated a willingness by buyers to defend current levels, but not a readiness to lead a sustained rally. The resistance area around 0.975–0.98 continued to limit upside attempts, while support near 0.96 held up during periods of selling pressure.

This pattern reflects a market dominated by selective positioning and short-term trading, rather than confidence-based capital flows. Investors appear focused on preserving capital, while waiting for clearer signals from policymakers or stronger economic data.

Looking ahead, attention will remain focused on Chinese macro data releases , potential policy adjustments, and signals from global markets. A sustained improvement in sentiment may depend on tangible evidence of economic stabilization or additional stimulus measures. Until then, the Shanghai Composite Index ETF is expected to continue trading in a range, with risks more likely to remain volatile than to a clear trend.