China Stocks gain on bargain hunting

The Mainland China share market finished higher on Friday, 14 May 2021, as investors chased for bargains after steep losses yesterday, with gains in overseas markets also provide some solace.

At closing bell, the benchmark Shanghai Composite Index was up 1.71%, or 60.84 points, to 3,490.38. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 1.8%, or 40.57 points, to 2,293.87. The blue-chip CSI300 index climbed up 2.36%, or 117.62 points, to 5,110.59. For the week, CSI300 closed 2.3% higher, while Shanghai Composite Index firmed 2.1%.

CURRENCY NEWS: China yuan edged up against the dollar on Friday, inline with firmer mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) fixed the midpoint rate CNY=PBOC at 6.4525 per dollar, 87 pips or 0.13% firmer than the previous fix of 6.4612. In the spot market, the onshore market CNY=CFXS opened at 6.4485 per dollar and was changing hands at 6.4450 at midday, 94 pips firmer than the previous late session close.

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