China Market falls on profit booking

Mainland China share market finished session with slight losses on Friday, 02 December 2022, as investors elected to book some profit after strong recent rally amid concerns that the country's realty sector is facing a prolonged downturn even with recent government support measures, while a reopening from years of strict COVID measures will be bumpy and uncertain.

At close of trade, the benchmark Shanghai Composite Index was down 0.3%, or 9.33 points, to 3,156.14. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.02%, or 0.50 point, to 2,044.60. The blue-chip CSI300 index sank 0.61%, or 23.82 points, to 3,870.95.

CURRENCY NEWS: China's yuan was little changed against the dollar on Friday after stronger mid-point fixing. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 7.0542 per U.S. dollar, a two-week high, as against previous day fix of 7.1769 per U.S. dollar. The spot yuan CNY=CFXS was changing hands around 7.0580 per dollar in late morning trade, a tad weaker than the previous late session close. For the week, the yuan has gained roughly 1.5%.

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