At close of trade, the benchmark Shanghai Composite index fell 0.64%, or 17.81 points, to 2,770.74. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.46%, or 7.15 points, to 1,537.75. The blue-chip CSI300 index declined 0.9%, or 29.86 points, to 3,303.96.
ECONOMIC NEWS:- Caixin China Manufacturing PMI for January 2024 remained unexpectedly stable at 50.8, signalling a third consecutive month of factory growth. Foreign sales saw an upturn after seven months, while new orders grew at the slowest pace since October. Buying levels surged the most in five months, and though job shedding continued, it eased to a 5-month low. Supply chains improved for the third time in four months, and despite a modest rise in input costs, selling prices dipped slightly due to efforts to attract new business. Overall sentiment reached a 9-month high on forecasts of stronger global demand and planned investments.
Chinas National Bureau of Statistics released data Wednesday that showed the countrys official manufacturing PMI coming in at 49.2 in January, a fourth consecutive monthly contraction compared with 49 in December.
CURRENCY NEWS: China's yuan softened against the dollar on Thursday, as weaker mid-point fixing by the central bank. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.1049 per U.S. dollar, 10 pips weaker than the previous fix at 7.1039. In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.1782 at midday, 87 pips weaker than the previous late session close.
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