China Market end lower

The Mainland China share market finished session down on Friday, 21 May 2021. At closing bell, the benchmark Shanghai Composite Index was down 0.58%, or 20.39 points, to 3,486.56. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.45%, or 10.57 points, to 2,319.79. The blue-chip CSI300 index dropped 1.01%, or 52.26 points, to 5,134.15.

Top performing sectors in the Shanghai Stock Exchange were Computer & Electronic Equipment Dealer (up 7%), Marine (up 6.7%), Forest Products (up 5.7%), Heating or Other Utilities (up 5.6%), and Paper Products (3.9%), while worst performing sectors were Restaurants (down 9.8%), Personal Products (down 3.7%), Livestock Products (down 2.6%), Paint (2.6%), and Financial Exchanges & Data (down 2.4%).

Top performing sectors in the Shenzhen Stock Exchange were Soft Drinks (up 6.5%), Hydropower (up 5.3%), Health Care Services (up 5%), Farm Machinery (up 4.4%), and Forest Products (up 3.4%), while worst performing sectors were Biotechnology (down 4.9%), Personal Products (down 3.4%), Glass (down 3.1%), Motorcycle (down 2.7%), and Internet Retail (down 2.6%).

INDUSTRY NEWS: A-share listed banks gained higher net profit in the first quarter from a year earlier, up by 4.55 percent, while their business income declined a lot last year compared with the pre-pandemic level, according to a report issued by the professional service company EY on Thursday. In the first three months this year, 38 banks listed in the A-share market achieved total net profits of 519.944 billion yuan. In contrast, they faced greater operational pressure last year, realizing net profits of 1,761.6 billion yuan, only up by 0.1 percent year-on-year, the report indicated. Due to the impact of the pandemic and other factors, the aggregate nonperforming loans of listed banks increased by 241.1 billion yuan in 2020, to 1,827.1 billion yuan as of the end of December.

ECONOMIC NEWS: China's fiscal revenue surged 25.5 percent year on year to .8 trillion yuan in the first four months of 2021, according to data released by the Ministry of Finance on Friday.

CURRENCY NEWS: China yuan edged up against the dollar on Friday, inline with firmer mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) fixed the midpoint rate CNY=PBOC at 6.43per dollar, 0.26% firmer than the previous fix of 6.4464. In the spot market, the onshore market CNY=CFXS was changing hands at 6.4342, stronger by 0.02% than the previous late session close.

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