China Market end 1.15% higher

The Mainland China share market finished session higher on Friday, 25 June 2021, as risk sentiments buoyed by tracking rally on Wall Street overnight that came after U.S. President Joe Biden announced a bipartisan deal on infrastructure spending.

The bipartisan deal is expected to move through Congress alongside a separate bill that would spend trillions more on what Biden called human infrastructure.

At closing bell, the benchmark Shanghai Composite Index was up 1.15%, or 40.91 points, to 3,607.56. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 1.11%, or 26.72 points, to 2,442.08. The blue-chip CSI300 index advanced 1.63%, or 84 points, to 5,239.97.

The best performing sectors in the Shanghai Stock Exchange were Biotechnology (up 8.5%), Fiber and Resin (up 7.3%), Health Care Facilities (up 6.2%), Building Decoration Engineering (up 5.6%), and Marine (up 5.1%), while the worst performing sectors were Motorcycle (down 6.7%), New Energy Power (down 4.8%), Tires (down 2.5%), Farm Machinery (down 2.1%), and Market Services (down 1.9%).

The best performing sectors in the Shenzhen Stock Exchange were Housewares & Specialties (up 15%), Personal Products (up 4.4%), Home Furnishings (up 4.1%), Asset Management & Custody Banks (up 4.1%), and Household Products (up 4.1%), while the worst performing sectors were Motorcycle (down 4.3%), Shipbuilding (down 3.1%), Tires (down 2.9%), Other Communications Equipment (down 2.8%), and Heavy Electrical Equipment (down 2.5%).

Shanghai International Airport rallied 4.5% to 51.07 yuan on a plan to inject the Shanghai Hongqiao International Airport business into the listed entity. The stock resumed trading after a two- week suspension for the announcement.

Three companies all rose on their first day of trading in China. Zhejiang Cayi Vacuum Container surged 308% from the initial public offering price in Shenzhen. Changchun BCHT Biotechnology, a vaccine maker, jumped 226% and Zhejiang Shaoxing Rural Commercial Bank gained 44%.

CURRENCY NEWS: China yuan slightly higher against the dollar on friday after firmer mid-point fixing by central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.4744 per dollar, firmer by 0.12% from the previous fix of 6.4824. In the spot market, onshore yuan CNY=CFXS was at 6.4642, up by 0.12% from the previous late session close of 6.4722.

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