China Market rebounds on bargain hunting

The Mainland China share market finished session higher on Friday, 26 March 2021, , as investors scooped up oversold stocks, thanks to optimism around a U.S. economic recovery and COVID-19 vaccinations progress. Meanwhile, Beijing vow to continue to support its economy also boosted up sentiments

At closing bell, the benchmark Shanghai Composite Index advanced 1.63%, or 54.74 points, to 3,418.33. The Shenzhen Composite Index, which tracks stocks on China's second exchange, jumped 2.23%, or 48.41 points, to 2,214.81. The blue-chip CSI300 index increased 2.27%, or 111.64 points, to 5,037.99.

The People's Bank of China said on Thursday that China will maintain credit support continuity and stability for small and micro firms, days after its governor said monetary policy needs to focus on supporting economic growth in a targeted way while also reducing financial risks.

Four companies debuted on the mainland bourses. In Shanghai, water network services provider Haitian Water Group rose 44% to 16.14 yuan from its listing price of 11.21 yuan. Optowide Technologies, which produces precision optics and fibre components, rose 54.8% to 21.05 yuan from its debut price of 13.60 yuan. In Shenzhen, Anhui Shiny Electronic Technology, which manufactures hardware products, soared 243.8% to 44.18 yuan from its IPO price of 12.85 yuan.

CURRENCY NEWS: China's yuan inched up against the dollar on Friday, despite softer mid-point fixing by the central bank. The People's Bank of China set the midpoint rate at 6.5376 per dollar prior to market open, 94 pips weaker than the previous fix of 6.5282. The spot market opened at 6.5400 per dollar and was changing hands at 6.5428 around afternoon, 47 pips firmer than the previous late session close.

Powered by Capital Market - Live News