China Stocks gain after upbeat export data

The Mainland Chinese stocks moved modestly higher on Monday, 08 November 2021, with the Shanghai composite and Shenzhen Composite indexes settling above the neutral line, after China's exports surged better than expected in October as compared with a year ago.

Also aiding sentiment toward the market, the Communist Party begins a meeting on Monday which is expected to pave the way for President Xi Jinping to secure an unprecedented third five-year term as president.

At close of trade, the benchmark Shanghai Composite Index added 0.2%, or 7.06 points, to 3,498.63. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.48%, or 11.56 points, to 2,417.97. The blue-chip CSI300 index gained 0.12%, or 5.83 points, to 4,848.18.

 

ECONOMIC NEWS: China's exports rose 27.1% to $300.2 billion in October 2021 as compared with a year ago, data from the General Administration of Customs showed on Sunday. Imports increased 20.6%, leaving a trade surplus of $84.54 billion.

CURRENCY NEWS: China's yuan was tad up against the U.S. dollar on Monday after firmer mid-point fixing by central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint CNY=PBOC at 6.3959 per dollar, 0.03% firmer than the previous fix of 6.398. In the spot market, onshore yuan CNY=CFXS was changing hands at 6.3971 late afternoon, 0.03% firmer than the previous late session close.

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