China Market falls in choppy trade

Mainland China share market finished choppy session slightly lower on Thursday, 08 December 2022, as risk sentiments weighed down on increasingly concerns that the road to economic recovery would be bumpy despite the government loosening rigid COVID-19 rules.

There was little excitement toward China's release of 10-point measures on Wednesday to further ease the COVID-19 curbs. Under the new policies, rules around testing, quarantine, and lockdowns have been greatly loosened, to aide an economy ravaged by the three-year pandemic.

At close of trade, the benchmark Shanghai Composite Index fell 0.07%, or 2.27 points, to 3,197.35. The Shenzhen Composite Index, which tracks stocks on China's second exchange, sank 0.32%, or 6.66 points, to 2,064.36. The blue-chip CSI300 index edged up 0.02%, or 0.74 points, to 3,959.18.

CURRENCY NEWS: The Chinese currency declined against the U.S. dollar despite stronger mid-point fixing by central bank amid concerns that rising interest rates could push the U.S. economy into recession. The onshore yuan CNY=CFXS was slightly softer than the previous late session close, trading around 6.9770 per dollar around midday.

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