China stocks bounce after calming currency woes

Mainland China's stock market ended higher for the first time in three consecutive sessions on Thursday, 13 August 2015, as yuan showed the first signs of stabilizing today since being allowed to weaken earlier in the week after the central bank signaled support for the currency. The People's Bank of China weakened the yuan by the least in three days today and indicated that it will maintain a "basically stable yuan around a reasonable and balanced level" and normal volatility of the exchange rate. All 10 SSE sectors ended well above the neutral line, with shares of utilities, telecom, materials, industrials, and retailers being major gainers. The benchmark Shanghai Composite Index rebounded 1.76%, or 68.24 points, to end at 3954.56 points. The Shenzhen Composite Index, which tracks stocks on China's second exchange, grew 2.21%, or 49.61 points, to 2298.79 points. Total volume of A shares traded in Shanghai was 57.87 billion shares, while Shenzhen volume was 28.70 billion shares.

Powered by Capital Market - Live News