Market snapped two days winning streak as the real estate crisis still lingered, coupled with concerns that the government still has yet to announce strong stimulus to bolster the economy.
At close of trade, the benchmark Shanghai Composite index edged down 0.08%, or 2.57 points, to 3,077.11. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.13%, or 2.30 points, to 1,804.31. The blue-chip CSI300 index sank 0.12%, or 4.29 points, to 3,581.09.
CURRENCY NEWS: China's yuan was tad lower against the dollar on Thursday, despite firmer mid-point fixing, as broad dollar strength following confirmation from the US Federal Reserve that it was likely to cut interest rates three times this year. Fed's statement was viewed as slightly dovish as markets had braced for the possibility that policymakers could trim the number of projected rate cuts this year.
Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.0942 per U.S. dollar, 26 pips firmer than the previous fix 7.0968. In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.1979 at midday, 12 pips weaker than the previous late session close.
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