China Market surges 2.4%

The Mainland China share market spurted on Tuesday, 25 May 2021, amid reports of vaccination progress drive, with shares in financials being notable gains after Shanghai announced plans to establish itself as an asset management hub.

At closing bell, the benchmark Shanghai Composite Index surged 2.4%, or 84.06 points, to 3,581.34. The Shenzhen Composite Index, which tracks stocks on China's second exchange, spurted 1.91%, or 44.68 points, to 2,381.93. The blue-chip CSI300 index climbed up 3.16%, or 162.89 points, to 5,318.48.

Top performing sectors in the Shanghai Stock Exchange were Travel Agencies (up 5.86%), Financial Exchanges & Data (up 5.34%), White Liquor (up 4.93%), Investment Banking & Brokerage (up 4.88%), and Aerospace & Defense (4.82%), while worst performing sectors were Real Estate Management & Services (down 4.64%), Health Care Distributors (down 3.96%), Forest Products (down 2.78%), Garden Engineering (1.82%), and Heating or Other Utilities (down 1.75%).

Top performing sectors in the Shenzhen Stock Exchange were Consumer Finance (up 8.46%), Personal Products (up 5.57%), Financial Exchanges & Data (up 5.49%), Shoes (up 5.25%), and White Liquor (up 5.16%), while worst performing sectors were Gold & Other Precious Metal (down 2.03%), Oil & Gas Storage & Transportation (down 1.56%), Environmental Protection Equipment (down 1.43%), Telecom Value Added Service (down 1.35%), and Hydropower (down 1.27%).

Shanghai city government sets the goal of making Shanghai an integrated and open asset management center with high concentration of factors, high level of internationalization and relatively complete ecological system. The measures to foster the asset management industry include optimizing the system of institutions, innovating products and services, fulfilling the functions of financial market, promoting internationalization, enhancing talent introduction and cultivation, and improving comprehensive service capacity.

China passed the 500 million-dose vaccination milestone mark on Sunday in its plan to jab 40 per cent of its population by June 30.

CURRENCY NEWS: China yuan was up against the dollar on Tuesday, as firmer mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) fixed the midpoint rate CNY=PBOC at 6.4283 per dollar, 0.19% firmer than the previous fix of 6.4408. In the spot market, the onshore market CNY=CFXS was changing hands at 6.4117.83, stronger by 0.13% than the previous late session close of 6.42.

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