China Market extends losses

The Mainland China share market finished lower for second straight session on Thursday, 16 September 2021, as risk aversion selloff continued on mounting concerns regulatory crackdown, with property and banking stocks leading the slide on fears that debt-ridden developer China Evergrande Group's financial troubles would trigger a broad contagion.

At closing bell, the benchmark Shanghai Composite Index declined 1.34%, or 49.13 points, to 3,607.09. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 1.95%, or 48.57 points, to 2,437.56. The blue-chip CSI300 index dropped 1.22%, or 59.62 points, to 4,807.70.

CURRENCY NEWS: China's yuan eased against the U.S. dollar on Wednesday despite stronger mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.433 per dollar, firmer than the previous fix of 6.4492. The People's Bank of China set the midpoint rate CNY=PBOC at 6.433 per dollar prior to market open, the highest level since June 17 and firmer than the previous fix of 6.4492. In the spot market, the yuan CNY=CFXS opened at 6.4332 per dollar and rose to as high as 6.4297 in morning trading before softening to 6.4348 at midday, 18 pips weaker from the previous late session close.

 

Powered by Capital Market - Live News