China Market ends firmer

Mainland China equity market finished session higher on Thursday, 09 April 2020, as market participants risk sentiments underpinned on hopes that global efforts to contain the coronavirus pandemic are paying off and the world's major oil producers will reach a deal to cut output. Market sentiment was also improved after China's top leaders late Wednesday pledged to boost domestic demand and consumption as the coronavirus pandemic pressures the world's second-largest economy. At closing bell, the benchmark Shanghai Composite Index advanced 0.37%, or 10.54 points, to 2,825.90. The Shenzhen Composite Index, which tracks stocks on China's second exchange, grew 0.85%, or 14.72 points, to 1,755.37. The blue-chip CSI300 index increased by 0.33%, or 12.47 points, to 3,792.81.

The Mainland China market commenced trading with firm footing on the back of an overnight rise on Wall Street, after New York Governor Andrew Cuomo said the state's efforts at social distancing were working in getting the virus under control.

 

The respiratory ailment has infected more than 1.5 million people worldwide, killed more than 87,000 and put half of humankind in lockdown. It has driven the world into recession as it disrupted supply chains, upended air travel and threw workers out of their jobs. It has also been a challenging time for investors, who have had to navigate massive volatility often driven by rapidly changing sentiment. But, as medical experts see signs infection and death curves may be flattening, the US and other countries are beginning to look at how to slowly restart their economies.

Market sentiment was also improved after China's top leaders late Wednesday pledged to boost domestic demand and consumption as the coronavirus pandemic pressures the world's second-largest economy.

China released new measures on Wednesday to try and prevent asymptomatic "silent carriers" of coronavirus from causing a second wave of infections, as the country reported another modest rise in new confirmed cases.

CURRENCY NEWS: China's yuan eased against the dollar on Thursday, as China central bank fixed softer mid-point rate. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 7.0536 per dollar, 0.08% lower than the previous fix of 7.0483. In the spot market, onshore yuan CNY=CFXS was changing hands at 7.0669, weaker by 0.03% than the previous late session close of 7.0651.

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