China Market gains on upbeat earnings

The Mainland China share market finished session higher on Tuesday, 30 March 2021, as investors risk sentiments underpinned by upbeat corporate earnings. Meanwhile, market drew support from prospects of a solid U.S. economic recovery thanks to accelerating vaccinations and massive fiscal stimulus. Most of sector sub-indexes on the Shanghai Composite exchange traded higher, with new energy and healthcare sectors being notable gainers.

At closing bell, the benchmark Shanghai Composite Index advanced 0.62%, or 21.38 points, to 3,456.68. The Shenzhen Composite Index, which tracks stocks on China's second exchange, increased 0.47%, or 10.48 points, to 2,229.27. The blue-chip CSI300 index added 0.96%, or 47.85 points, to 5,094.73.

Chinese electric vehicle maker BYD Co shares rose 0.5% to 169 yuan after reported a 162% growth in 2020 net profit as it became a major mask maker during the COVID-19 pandemic.

Kweichow Moutai shares gained 1.1% to 2,056.05 yuan ahead of its earnings report on later today. Net income probably increased 15% from a year earlier in 2020, the world's most valuable distiller said in January.

Hynar Water Group shares surged 483% from the initial public offering price to 49.44 yuan on the first day of trading in Shenzhen. Hangzhou Pinming Software jumped 79% to 89.50 yuan on its debut in Shanghai.

CURRENCY NEWS: China's yuan softened to four-month low against the dollar on Tuesday after softer mid-point fixing by the central bank. Prior to market opening, the People's Bank of China (PBOC)set the midpoint rate at a four-month low of 6.5641 per dollar, 225 pips or 0.34% weaker than the previous fix of 6.5416.The spot yuan was changing hands at 6.5711, weaker by 21 pips weaker than the previous late session close.

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