China Stocks end mixed

The Mainland China share market finished session mixed after zigzagging between the positive and negative on Monday, 07 June 2021, as investors reacted to weaker than expected trade data for May.

At closing bell, the benchmark Shanghai Composite Index advanced 0.21%, or 7.70 points, to 3,599.54. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.26%, or 6.26 points, to 2,413.91. The blue-chip CSI300 index fell 0.09%, or 4.65 points, to 5,277.63.

The best performing sectors in the Shanghai Stock Exchange were Farm Machinery (up 7.25%), Yellow Wine (up 6.69%), Brewers (up 5.93%), Vintners & Others (up 5.69%), and Commodity Dealers (up 5.37%), while the worst performing sectors were Health Care Distributors (down 3.59%), Health Care Technology (down 3.35%), Airport (down 3.2%), Motorcycle (down 3.05%), and Consumer Finance (down 3.01%).

The best performing sectors in the Shenzhen Stock Exchange were Industrial Conglomerates (up 8.96%), Brewers (up 6.45%), Shoes (up 6.02%), Consumer Finance (up 5.32%), and IT Outsourcing Services (up 5.13%), while the worst performing sectors were Livestock Products (down 3.75%), New Energy Equipment (down 3.54%), Tires (down 2.9%), Hydropower (down 2.8%), and Soft Drinks (down 2.4%).

The top performing blue chip stocks of the CSI300 index were Kweichow Moutai Co (up 0.87%), Shanxi Xinghuacun Fen Wine Factory Co (up 4.1%), Chongqing Zhifei Biological Products Co (up 5.97%), and COSCO SHIPPING Holdings Co (up 5.63%), while the worst performing blue chip stocks were Inner Mongolia Yili Industrial Group Co (down 4.78%), Muyuan Foodstuff Co (down 5.01%), China Merchants Bank Co (down 0.92%), Ping An Insurance (Group) Company of China (down 0.8%), Eve Energy Co (down 4.65%), and Longi Green Energy Technology Co (down 1.91%).

ECONOMIC NEWS: China's imports and exports grew again in May, but both missed expectations, data released on Monday showed. Imports grew by 51.1% in May from a year earlier to US$218.4 billion, up from the 43.1% growth in April, according to data from the National Bureau of Statistics. China's exports grew by 27.9% last month from a year earlier to US$263.9 billion, down from the 32.3% growth seen in April. China's total trade surplus stood at US$45.53 billion in May, compared with US$42.85 billion in April. In the first five months of the year, China's exports grew 40.2% year on year to US$1.24 trillion, while imports rose 35.6 year on year to US$1.03 trillion. China's trade surplus during the same period was US$203.45 billion, a year on year increase of 70.2%.

CURRENCY NEWS: China yuan was down against the dollar on Monday, despite firmer mid-point fixing by central bank, due to rising corporate demand for the greenback ahead of several major central bank meetings. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3963 per dollar, 109 pips or 0.17% firmer than the previous fix of 6.4072. In the spot market, onshore yuan CNY=CFXS opened at 6.3969 per dollar and quickly weakened past the key psychologically important 6.4 level before changing hands at 6.4008 at around late afternoon, 0.09% weaker than the previous late session close at 6.395.

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