China Market gains 2.1%

The China share market finished session sharp higher on Wednesday, 29 July 2020, as investors looking for bargains piled into financials and pharmaceuticals after a recent pullback. Investors' sentiment also received a boost from an influx of foreign capital, as the net inflow into China's domestic markets through the Stock Connect programme in Hong Kong reached 10 billion yuan.

At closing bell, the benchmark Shanghai Composite Index surged 2.06%, or 66.59 points, to 3,294.55. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 2.9%, or 63.11 points, to 2,236.95. The blue-chip CSI300 index grew 2.42%, or 110.75 points, to 4,679.01.

CURRENCY NEWS: The People's Bank of China set the midpoint rate CNY=PBOC at 6.9969 per dollar prior to the market open, weaker than the previous fix of 6.9895. Spot yuan CNY=CFXS began trading at 7.0020 per dollar and was changing hands at 7.0028 at midday, just 8 pips weaker than the previous late session close.

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