Chinese equities rallied last week as authorities introduced cuts on benchmark rates and a crackdown on quant traders. Property firms also saw a boost in their stock prices as home price cuts slowed down.
At close of trade, the benchmark Shanghai Composite index was down 0.93%, or 27.86 points, to 2,977.02. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.44%, or 7.34 points, to 1,677.15. The blue-chip CSI300 index declined 1.04%, or 36.38 points, to 3,453.36.
CURRENCY NEWS: China's yuan weakened against the dollar on Monday , as China's central bank setting a softer guidance rate. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.1080 per dollar, 16 pips weaker than the previous fix of 7.1064. In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.1980 at midday, 27 pips weaker than the previous late session close.
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