China Market recovers 0.6%

Mainland China share market finished session modestly higher on Thursday, 28 March 2024, recouping some of yesterdays losses, as bargain buying resumed after reports that Chinas central bank may restart treasury bond buying and expectations that Beijing will take more aggressive measures to stimulate the economy after Chinese President Xi Jinping promised more policy support to build a world-class business environment in China.

At close of trade, the benchmark Shanghai Composite index advanced by 0.59%, or 17.52 points, to 3,010.66. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose by 1.72%, or 29.36 points, to 1,732.61. The blue-chip CSI300 index jumped by 0.52%, or 18.18 points, to 3,520.97.

 

CURRENCY NEWS: China's yuan strengthened against a greenback on Thursday. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.0948 per U.S. dollar, weaker than the previous fix of 7.0946. In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.2253 at midday, 12 pips stronger than the previous late session close.

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