Business Standard

Don’t miss the latest developments in business and finance.

China Market ends edge lower

Bs_logoImage
Last Updated : Apr 02 2024 | 4:50 PM IST
Mainland China share market finished session edged lower on Tuesday, 02 April 2024, amid lingering concerns over real estate crisis after year-on-year decline in house prices in March and as China Vanke's reported a sharp profit decline and declared no dividend payout for the first time in 31 years.

The year-on-year decline in house prices in March shows that the real estate market has not yet recovered from its two-year slump. Data from research firm China Index Academy showed that prices of second-hand houses in 100 Chinese cities dipped 4.8% to 15,088 yuan per square meter.

At close of trade, the benchmark Shanghai Composite index was down 0.08%, or 2.42 points, to 3,074.96. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.53%, or 9.55 points, to 1,779.69. The blue-chip CSI300 index sank 0.42%, or 14.97 points, to 3,580.68.

CURRENCY NEWS: China's yuan depreciated to 4-1/2 month low against the dollar on Tuesday, despite the central bank setting the midpoint rate with the strongest bias in five months. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.0957 per U.S. dollar,0.03% weaker than the previous fix of 7.0942. In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.2347 at midday, 39 pips weaker than the previous late session close and 1.96% away from the midpoint.

Powered by Capital Market - Live News

Also Read

First Published: Apr 02 2024 | 4:23 PM IST

Next Story