China Market closes mixed

The Mainland China share market finished session mixed on Monday, 11 October 2021, after Beijing slapped better-than-feared antitrust penalty on food delivery giant Meituan.

China's State Administration for Market Regulation (SAMR) slapped food delivery giant Meituan with a 3.44 billion yuan ($534.3 million) antitrust fine for abusing its dominant position. The fine equated to 3% of Meituan's 2020 revenue. The fine was far smaller than the 18.23 billion yuan ($2.8 billion) fine that Alibaba had been slapped with back in April.

At closing bell, the benchmark Shanghai Composite Index edged down 0.01%, or 0.46 point, to 3,591.71. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.43%, or 10.46 points, to 2,403.46. The blue-chip CSI300 index increased 0.13%, or 6.25 points, to 4,936.19.

CURRENCY NEWS: China's yuan was up against the U.S. dollar on Monday, after firmer mid-point fixing by central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint CNY=PBOC at 6.4479 yuan per dollar, 125 pips, or 0.2%, stronger than the previous fix of 6.4604. In the spot market, onshore yuan CNY=CFXS opened at 6.4420 per dollar and was changing hands at 6.4376 around late afternoon, 64 pips firmer than the previous late session close.

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