China Market falls 0.72%

Mainland China share market finished session in negative territory on Tuesday, 19 March 2024, weighed down by property developers shares amid worries over the country's deepening property crisis and soft domestic demand. However, market losses capped after release of better than expected China's factory output and retail sales data for the January-February period,

At close of trade, the benchmark Shanghai Composite index declined 0.72%, or 22.17 points, to 3,062.76. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.43%, or 7.73 points, to 1,795.72. The blue-chip CSI300 index grew 0.72%, or 25.95 points, to 3,577.63.

Shares of real estate developers fell as worries over the country's deepening property crisis and soft domestic demand even after the Chinese megacity Beijing said it would optimise property regulation and implement different policies based on each districts' situation.

CURRENCY NEWS: China's yuan was steady against a greenback on Tuesday. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.0985 per U.S. dollar, 42 pips weaker than the previous fix of 7.0943. In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.1983 at midday, only 3 pips stronger than the previous late session close and 1.41% away from the midpoint.

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