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China Market falls on outlook concerns

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Last Updated : Mar 06 2024 | 5:50 PM IST
Mainland China share market finished session lower on Wednesday, 06 March 2024, as the lack of big-ticket stimulus plans to prop up the struggling economy disappointed some investors, while some investors were waiting for a press conference later in the day for more policy clarity.

Parliamentarians and political advisers gather in Beijing every March for two parallel sets of meetings called the Lianghui or "Two Sessions". Meanwhile, investors will keep a close eye on an economy-focused press conference later today in Beijing, where representatives from PBOC and other regulators may respond to media inquiries.

At close of trade, the benchmark Shanghai Composite index declined 0.26%, or 7.86 points, to 3,039.93. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.22%, or 3.75 points, to 1,722.05. The blue-chip CSI300 index fell 0.41%, or 14.46 points, to 3,551.05.

CURRENCY NEWS: China's yuan was tad lower against the dollar on Wednesday, despite firmer midpoint fixing. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.1016 per U.S. dollar, 0.02% firmer from the previous fix 7.1027. In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.1991 at midday, 0.03% softer than the previous late session close of 7.197.

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First Published: Mar 06 2024 | 3:38 PM IST

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