At closing bell, the benchmark Shanghai Composite Index was up 0.76%, or 25.67 points, to 3,420.57. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 1.87%, or 42.41 points, to 2,304.98. The blue-chip CSI300 index climbed up 0.94%, or 46.87 points, to 5,046.84.
The Central Economic Work Conference pledged no U-turn in policy support to companies. China will put its focus on eight tasks for the coming year, including strengthening strategic technological innovation, ensuring the control of supply chains and boosting domestic demand.
President Donald Trump signed into law on Friday the Holding Foreign Companies Accountable Act, which empowers regulators to remove Chinese companies from US stock exchanges if they fail to comply with auditing oversight rules within three years. The Trump administration also added 60 Chinese companies, including SMIC and closely held drone manufacturer SZ DJI Technology, to the Department of Commerce's so-called entity list. Beijing has condemned the US move and threatened to impose countermeasures.
Two stocks debuted in China. Property management firm Shenzhen SDG Service surged 157 per cent to 48.27 yuan in Shenzhen while Dongguan Dingtong Precision Metal jumped 119 per cent to 43.88 yuan in Shanghai.
CURRENCY NEWS: China's yuan weakened to a one-week low against the dollar as the central bank set a softer midpoint. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at an over two-week low of 6.5507 per dollar, 192 pips or 0.29% weaker than the previous fix of 6.5315. In the spot market, the onshore yuan CNY=CFXS was changing hands at 6.5506, weaker by 0.18% than the previous late session close at 6.5385.
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