China Market extends gains ahead of holidays

Mainland China shares market finished higher for third straight session on Thursday, 08 February 2024, as Beijing rolled out a slew of measures and the appointment of a new securities regulatory head buoyed sentiment. However, market gains capped as some investors opted sideline ahead of a week-long holiday

At close of trade, the benchmark Shanghai Composite index increased 1.28%, or 36.21 points, to 2,865.90. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 3.17%, or 48.43 points, to 1,577.33. The blue-chip CSI300 index surged 0.64%, or 21.30 points, to 3,364.93.

ECONOMIC NEWS: China Inflation Declines 0.8% On Year In January- Consumer prices in China were down 0.8% on year in January, the National Bureau of Statistics said on Thursday. On a monthly basis, inflation rose 0.3% - beneath forecasts for a gain of 0.4% and up from 0.1% in the previous month. The bureau also said that producer prices dropped 2.5% on year versus expectations for a decline of 2.6% after slumping 2.7% a month earlier.

CURRENCY NEWS: China's yuan held steady against the dollar on Wednesday, despite softer mid-point fixing by the central bank. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.1063 per U.S. dollar, 14 pips weaker than the previous fix of 7.1049. In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.1950 at midday, 7 pips firmer than the previous late session close.

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