China Market end lower on profit booking

The China share market finished session lower after Index bounceing between small gains and small losses on Thursday, 30 July 2020, as profit booking triggered on stubbornness of the coronavirus pandemic and ongoing US-China tensions.

At closing bell, the benchmark Shanghai Composite Index fell 0.23%, or 7.73 points, to 3,286.62. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.43%, or 9.62 points, to 2,227.33. The blue-chip CSI300 index sank 0.49%, or 22.86 points, to 4,656.15.

China logged 105 new Covid-19 cases, 102 of them locally transmitted, for July 29, up from 101 cases for Tuesday and marking more than 100 cases for two consecutive days for the first time in months. Of the new infections, the national health commission (NHC) said, 96 were from the Xinjiang Uyghur Autonomous Region (XUAR) in the northwest and five from the northeastern province of Liaoning, two of the new hotspots for fresh Covid-19 cases in China. One case was reported from Beijing, which has now recorded cases for three consecutive days, after not logging any for nearly three weeks.

Biotech companies were among top gainers on the mainland, with Beijing Wantai Biological soaring to the 10 per cent daily upside limit on investor expectations that the US Food and Drug Administration will soon approve its Covid-19 treatment - using antibody-rich blood plasma from recovered Covid-19 patients to treat infected people - for emergency use.

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