China: Market falls on profit booking

Headline indices of the Mainland China equity market closed down on Tuesday, 19 March 2019, with investor elected to book profit after benchmark indices hit highest level in almost 10 months on Monday. At closing bell, the benchmark Shanghai Composite Index fell 0.2%, or 5.44 points, to 3,090.98. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.2%, or 3 points, to 1,688.76. The blue-chip CSI300 index dropped 0.46%, or 17.79 points, to 3,833.96. The Shanghai Composite Index, with gains of about 24% in 2019, is the world's best-performing major benchmark.

Shares of nuclear-power equipment makers gained after the ministry of ecology and environment said government will construct nuclear power station in the southern province of Guangdong and in the east Fujian province. The two projects will cost a combined 81.2 billion yuan in investment. China Nuclear Engineering surged 8.1% and Lanzhou LS Heavy Equipment jumped by the 10% daily limit to 6.33 yuan.

 

Ningbo Ginlong Technologies, a maker of photovoltaic cells and industrial electronic components, surged 44%, the maximum allowed for initial public offering shares on the first day trading, to 38.36 yuan in Shenzhen.

CURRENCY NEWS: China's yuan fell against the U.S. dollar on Monday, on the back of firmer mid-point fixing by central bank. Prior to market opening on Tuesday, the People's Bank of China (PBOC) set the yuan's midpoint rate at 6.7062 per dollar, 26 pips or 0.04 percent firmer than the previous fix 6.7088. In the spot market, onshore yuan opened at 6.7150 per dollar and was changing hands at 6.7161 at midday, 26 pips weaker than the previous late session close and 0.15 percent softer than the midpoint.

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