China Market end mixed

The Mainland China share market finished mixed on Wednesday, 26 May 2021, weighed down by profit booking after a strong rally in the previous day, with losses in technology and telecommunication shares were offset by gains in materials and financial stocks.

At closing bell, the benchmark Shanghai Composite Index advanced 0.34%, or 12.02 points, to 3,593.36. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.06%, or 1.37 points, to 2,380.56. The blue-chip CSI300 index edged up 0.04%, or 2.11 points, to 5,320.59.

The best performing sectors in the Shanghai Stock Exchange were Fishery Products (up 7.15%), Plastics (up 7.14%), Soft Drinks (up 6.01%), Paper Products (up 4.89%), and Farm Machinery (4.59%), while the worst performing sectors were Office Services & Supplies (down 4.16%), Motorcycle (down 4.12%), Health Care Technology (down 3.96%), Health Care Facilities (2.85%), and Real Estate Management & Services (down 2.74%).

The best performing sectors in the Shenzhen Stock Exchange were Soft Drinks (up 10.02%), Glass (up 5.04%), Water (up 4.89%), Fishery Products (up 4.85%), and Specialized Finance (up 4.65%), while the worst performing sectors were Vintners & Others (down 4.69%), Marketing & Advertising (down 2.46%), New Energy Equipment (down 1.85%), Heavy Electrical Equipment (down 1.55%), and Education Services (down 1.35%).

CURRENCY NEWS: China yuan was up against the dollar on Wednesday, as firmer mid-point fixing by central bank. The central bank signaled that it's comfortable with a recent rally by setting a strong daily reference rate. Traders are closely watching the central bank after recent mixed messages from officials over whether the currency should keep appreciating to contain rising imported commodity costs. The currency has advanced more than 2% this year in onshore markets. On Tuesday, it breached 6.4 against the dollar in offshore markets, reaching its strongest level since June 2018.

Prior to market opening, the People's Bank of China (PBOC) fixed the midpoint rate CNY=PBOC at 6.4099 per dollar, firmer than the previous day fix of 6.4283. The onshore yuan gained 0.3% to 6.3940, while the offshore currency rose 0.4% to 6.3854.

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