China Market falls 0.22%

The Mainland China share market finished session in negative territory on Thursday, 12 August 2021, amid concerns over coronavirus Delta-variant infections, with decline in stocks related to beverage makers, medical care, and real estate companies offset gains in shares of automakers, non-ferrous metal, semi-conductor, lithium battery makers, and new energy vehicle manufacturers.

At closing bell, the benchmark Shanghai Composite Index fell 0.22%, or 7.88 points, to 3,524.74. The Shenzhen Composite Index, which tracks stocks on China's second exchange, declined 0.35%, or 8.66 points, to 2,478.34. The blue-chip CSI300 index was down 0.84%, or 41.99 points, to 4,973.35.

Market sentiments were subdued as the People's Bank of China highlighted policy stability in its second quarter monetary policy report and dampened market expectations for aggressive monetary easing including interest rate cuts.

CURRENCY NEWS: China yuan recovered against the dollar on Thursday after firmer mid-point fixing by central bank. Prior to market opening, the People's Bank of China set the midpoint rate at 6.4754 per dollar, 77 pips or 0.12% firmer than the previous fix of 6.4831. In the spot market, onshore yuan opened at 6.4760 per dollar and was changing hands at 6.4752 at midday, 38 pips firmer than the previous late session close.

China's central bank conducted 10 billion yuan (1.54 billion U.S. dollars) of reverse repos on Thursday to maintain reasonably ample liquidity in the banking system. The interest rate for the seven-day reverse repos was set at 2.2 percent, according to a statement on the website of the People's Bank of China.

Powered by Capital Market - Live News