China Market falls on global banking crisis woes

Mainland China share market finished session lower on Thursday, 16 March 2023, as concerns about the health of the global banking system amid fresh turbulence at Credit Suisse after the recent collapse of two U.S. regional banks. Also weighing sentiments was reports that China's securities regulator is holding up approvals for new applications to sell global depository receipts.

At close of trade, the benchmark Shanghai Composite Index was down 1.12%, or 36.42 points, to 3,226.89. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 1.53%, or 31.78 points, to 2,049.48. The blue-chip CSI300 index declined 1.2%, or 47.75 points, to 3,939.15.

ECONOMIC NEWS: Average new home prices in February edged up 0.3% month-on-month from a 0.1% gain in January, according to National Bureau of Statistics (NBS) data. In annual terms, prices fell 1.2%, marking the slowest pace in seven months and narrowing from a 1.5% drop in January.

CURRENCY NEWS: China's yuan depreciated against the dollar on Wednesday, despite stronger mid-point fixing by China's central bank. Prior to market opening, the People's Bank of China set the midpoint rate CNY=PBOC at 6.9149 per dollar, weaker than the previous day fix of 6.8680. In the spot market, the yuan CNY=CFXS opened at 6.8931 per dollar and was changing hands at 6.9028 at midday, 39 pips firmer from the previous late session close.

Powered by Capital Market - Live News