At close of trade, the benchmark Shanghai Composite Index declined 0.11%, or 3.52 points, to 3,287.63. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.25%, or 5.29 points, to 2,154.53. The blue-chip CSI300 index dropped 0.08%, or 3.18 points, to 4,103.77.
The market is looking towards the annual parliamentary gathering while also awaiting economic data for January and February to gauge the health of the economy and the key goals for this year. January-February data, including imports and exports, will be released in March. January data will be released only in aggregation with February data, because the Lunar New Year holiday shifts between the two months from year to year.
China reopening optimism appears to be softening as investors are awaiting the economic data releases for first two months as well as the fresh policy guidance at the National People Congress (NPC) in March.
CURRENCY NEWS: China's yuan edged up from a seven-week low against the dollar on Thursday despite softer mid-point fixing by China's central bank. Prior to market opening, the People's Bank of China (PBOC) set the yuan's midpoint rate CNY=PBOC at 6.9028 per dollar, 269 pips or 0.39% weaker than the previous fix of 6.8759. In the spot market, the onshore yuan opened at 6.8950 per dollar and was changing hands at 6.8860 at midday, 40 pips firmer than previous late session close.
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