China Stocks end mixed

The Mainland China shares were mixed on Monday, 29 November 2021, with Shanghai Composite Index finishing down while Shenzhen Composite Index settled higher, as investors were cautious amid concerns over spread of new Omicron variant of the coronavirus around the world even as more countries imposed travel restrictions to try to seal themselves off. However, market losses were marginal on easing worries over the spread of the Omicron coronavirus variant on China due to the country's strict virus containment measures.

At close of trade, the benchmark Shanghai Composite Index fell slightly 0.04%, or 1.39 points, to 3,562.70. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.39%, or 9.79 points, to 2,516.94. The blue-chip CSI300 index was down 0.18%, or 8.71 points, to 4,851.42.

Tourism stocks slumped after reports of travel bans from multiple countries in response to the spread of the South African variant of Covid 19 and resurgence of COVID-19 infections in China.

Shares of Coal miners retreated after the National Development and Reform Commission (NDRC) said it has summoned key coal miners for advices on improving coal prices mechanism.

CURRENCY NEWS: China's yuan rose against the U.S. dollar on Monday after firmer mid-point fixing, and year-end corporate demand for the local currency. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3872 per dollar, the highest since Nov. 19 and 64 pips firmer than the previous fix of 6.3936. In the spot market, the onshore yuan CNY=CFXS was changing hands at 6.3828, 102 pips firmer than the previous late session close.

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