China Market falls ahead of Lunar New Year holiday

The Mainland China share market finished subdued session lower on Friday, 28 January 2022, as investors continued risk aversion selloff amid uncertainties ahead of the incoming Chinese New Year holidays.

Mainland Chinese markets will be shut for China's week-long Lunar New Year holiday, which starts Jan. 31.

At close of trade, the benchmark Shanghai Composite Index declined 0.97%, or 32.81 points, to 3,361.44. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell marginal 0.00%, or 0.04 point, to 2,262.37. The blue-chip CSI300 index fell 1.21%, or 56.11 points, to 4,563.77. For the week, the Shanghai Composite Index lost 4.6% and the CSI300 index went down 4.5%.

CURRENCY NEWS: China's yuan gained against the dollar on Friday, despite weaker mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3746 per dollar, weaker than the previous day fix 6.3382. The spot yuan CNY=CFXS opened at 6.3600 per dollar and was changing hands at 6.3560 around midday, 130 pips stronger than the late session close on Thursday.

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