China Market slips on vaccine concerns

The Mainland China share market finished session lower on Wednesday, 11 November 2020, dragged down by profit-taking amid concerns about tighter regulation and tempering optimism about a COVID-19 vaccine. At closing bell, the benchmark Shanghai Composite Index fell 0.53%, or 17.95 points, to 3,342.20. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 1.94%, or 44.89 points, to 2,263.96. The blue-chip CSI300 index fell 0.99%, or 48.98 points, to 4,904.90.

Most industry sectors lost, while IT service providers and the aerospace industry suffered the biggest losses of the day, plummeting 2.6% and 2.8%, respectively. Bucking the trend, the liquor and coal mining industries posted gains.

CURRENCY NEWS: The yuan firmed against greenback on Wednesday. The People's Bank of China (PBOC) set that rate CNY=PBOC at 6.607 per dollar on Wednesday, weaker than the previous fix of 6.5897, which was its strongest level since June 27, 2018. Spot yuan CNY=CFXS opened at 6.6050 per dollar and was changing hands at 6.5951 around midday, 209 pips stronger than Tuesday's late session close.

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