China Market rises on positive brokerage houses outlook

Mainland China share market finished session modestly higher on Wednesday, 24 April 2024, as risk sentiments underpinned on brokerage houses rosy forecasting reports.

Goldman Sachs' forecasted a potential surge of up to 40% for Chinese shares if the country introduces reforms for corporate governance, dividend distributions and institutional ownership. The bullish outlook follows UBS' upgrade on Chinese stocks to overweight, citing competent corporate earnings and fiscal support as the major factors for the upgraded index.

At close of trade, the benchmark Shanghai Composite index was up 0.76%, or 22.84 points, to 3,044.82. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 1.18%, or 19.78 points, to 1,694.82. The blue-chip CSI300 index added 0.44%, or 15.40 points, to 3,521.62.

 

CURRENCY NEWS: China's yuan was little changed against the dollar on Monday. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.1048 per U.S. dollar, firmer than the previous fix of 7.1059. The onshore yuan opened at 7.2435 per dollar and was changing hands at 7.2456 at midday, 8 pips away from the previous late session close.

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