China Market gains 1%

The Mainland China share market finished session higher on Wednesday, 30 December 2020, as investor sentiments strengthened after reports that China and the European Union are inching closer to an investment accord that will give European nations more access to the Chinese market. Meanwhile, investors were also encouraged by policymakers pledge to maintain the necessary support for economic recovery and China's central bank statement on Tuesday which stressed on policy consistency, stability and sustainability.

At closing bell, the benchmark Shanghai Composite Index advanced 1.05%, or 35.42 points, to 3,414.45. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 1.34%, or 30.18 points, to 2,288.56. The blue-chip CSI300 index rose 1.4%, or 70.77 points, to 5,113.71.

 

Shares of lithium-battery maker Contemporary Amperex Technology surged by the daily cap of 10 per cent, after the company said last night that it is planning to invest some 39 billion yuan (US$6 billion) to expand its production capacity. The news has lifted its suppliers and contractors, with Wuxi Lead Intelligent Equipment up by 15.2 per cent to 84.99 yuan.

CURRENCY NEWS: China's yuan appreciated against the dollar as the central bank set a firmer midpoint and amid high year-end demand for cash. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.5325 per dollar, 126 pips or 0.19% firmer than the previous fix of 6.5451. In the spot market, the onshore yuan CNY=CFXS was changing hands at 6.5230 late afternoon, 0.11% firmer than the previous late session close.

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