China Market extends losses

The China share market finished in the red for second straight session on Thursday, 10 September 2020, as investors sentiments were dented after regulators move to curb speculation on the tech-heavy ChiNext board.

At closing bell, the benchmark Shanghai Composite Index declined 0.61%, or 19.80 points, to 3,234.82. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 2.14%, or 46.53 points, to 2,129.25. The blue-chip CSI300 index dropped 0.06%, or 2.61 points, to 4,581.98.

Shares in China's start-up firms plunged after some ChiNext stocks, including Xinjiang Tianshan Animal Husbandry Bio-Engineering, were suspended from trading on Wednesday due to "abnormal volatility". Shares of Chinese telecom firms also tumbled, as pressure widened for Huawei Technologies with major suppliers expected to stop supplying to the telecom giant after new U.S. restrictions.

CURRENCY NEWS: China's yuan eased against greenback on Thursday, despite firmer mid-point fixing by central bank, on caution ahead of European Central Bank meeting to gauge policymakers' views on the common currency's recent appreciation. The People's Bank of China set the midpoint rate CNY=PBOC at 6.8331 per dollar prior to the market open, 0.13% firmer than the previous fix of 6.8423. Spot yuan CNY=CFXS opened at 6.8330 per dollar and was changing hands at 6.8381 at late afternoon, 0.1% weaker than the previous late session close.

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