China Market ends higher

The Mainland China share market finished session higher on Tuesday, 03 November 2020, as investors sentiments buoyed by reports stating after a continuing recovery in corporate earnings and upbeat sales outlook for new energy cars.

At closing bell, the benchmark Shanghai Composite Index added 1.42%, or 45.95 points, to 3,271.07. The Shenzhen Composite Index, which tracks stocks on China's second exchange, advanced 1.43%, or 31.70 points, to 2,255.08. The blue-chip CSI300 index declined 1.2%, or 56.73 points, to 4,777.56.

Third-quarter net income for the mainland-traded companies increased 17 per cent from a year earlier, reversing a 12 per cent decline for the previous three-month period, according to Haitong Securities.

The country's State Council said on Monday sales of vehicles including battery electric, plug-in hybrid and hydrogen fuel-cell vehicles would rise, and make up 20% of China's new car sales by 2025.

CURRENCY NEWS: China's yuan was little changed against greenback on Tuesday as market participants held their breath for the U.S. presidential election. Prior to market open, the People's Bank of China set the midpoint rate at 6.6957 per dollar, 93 pips firmer than the previous fix of 6.705. The spot market opened at 6.6834 per dollar and was changing hands at 6.6916 at midday, 1 pip weaker than the previous late session close.

Powered by Capital Market - Live News