China Market extends gain

The China share market extended gains on Tuesday, 21 July 2020, as investor sentiment was supported by a slew of positive news on the coronavirus vaccine front, but profit-taking following the previous session's rally and simmering tensions between Beijing and Washington checked gains.

At closing bell, the benchmark Shanghai Composite Index rose 0.2%, or 6.75 points, to 3,320.90. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.72%, or 16 points, to 2,232.70. The blue-chip CSI300 index gained 0.23%, or 10.74 points, to 4,691.04.

Mainland equities kicked off the trading week on a positive note as vaccine hopes supported optimism. Pfizer and BioNTech reported early positive data on a joint coronavirus vaccine candidate. Another candidate from Oxford University and AstraZeneca also showed a positive immune response in an early trial. The coronavirus pandemic, which was first reported in China late last year, has infected more than 14.6 million people and killed over 608,000.

CURRENCY NEWS: The yuan was little changed against the dollar on Tuesday, as simmering tensions between Beijing and Washington undercut the boost from extended inflows into the mainland stock market. Prior to the onshore open, the People's Bank of China set the midpoint rate CNY=PBOC at 6.9862, the strongest since March and a tad firmer than the Reuters estimate of 6.9912. In spot market, the yuan was quoted at 6.9911 per U.S. dollar, 0.01% firmer than the previous close of 6.9915.

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