China Socks tumble 1.7%

The Mainland China share market finished session lower on Friday, 19 March 2021, as risk sentiments soured after a rough start to China-U.S. bilateral talks. At closing bell, the benchmark Shanghai Composite Index stumbled 1.69%, or 58.40 points, to 3,404.66. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 1.9%, or 42.59 points, to 2,194.91. The blue-chip CSI300 index fell 2.62%, or 134.68 points, to 5,007.09.

Worries over Sino-U.S. tensions dampened risk appetite. The two-day China-US dialogue that kicked off in Alaska on Thursday with both sides making heated arguments on issues from human rights to cyberattacks, leaving little optimism with ties at their lowest point in decades.

 

Hangzhou IECHO Science & Technology rose to 43.61 yuan on its debut on Shanghai's Star Market, surging 128% above its offering price of 19.11 yuan per share.

CURRENCY NEWS: China's yuan softened against the dollar on Friday after weaker mid-point fixing by the central bank. The People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.5098 per dollar prior to the market open, 239 pips weaker than the previous fix of 6.4859. The spot market CNY=CFXS opened at 6.5130 per dollar and was changing hands at 6.5138, lower by 78 pips than the previous day session close.

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