China Stocks end mixed

The Mainland China share market finished session mixed on Thursday, 10 February 2022, as mildly positive sentiment after reports of state-backed funds intervening in the stock market was offset by caution ahead of the release of U.S. consumer price data later in the day for further signs of accelerating inflation.

At close of trade, the benchmark Shanghai Composite Index advanced 0.17%, or 5.96 points, to 3,485.91. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.64%, or 14.76 points, to 2,302.47. The blue-chip CSI300 index sank 0.26%, or 12.20 points, to 4,639.86.

Beijing has pushed back the deadline for the steel industry to peak its carbon emissions by five more years to 2030, according to new guidelines issued by the Ministry of Industry and Information Technology and two other government departments on Monday. The industry ministry, along with the Ministry of Ecology and Environment and the National Development and Reform Commission are pushing to further promote green and low-carbon measures in the steel sector. The new guidelines also seek to complete ultra-low emission transformation of more than 80% of steel production capacity and to cut the energy consumption per ton of steel by more than 2%. About a week ago, the China Iron and Steel Association noted that China has upgraded 34 more steel firms with a combined 225 million tonnes of steelmaking capacity for ultra-low emission last year.

On the corporate front, two debutants staged modest gains on Thursday Suzhou Oriental Semiconductor rose marginally against its initial public offering price of 130 yuan on the Shanghai Stock Exchange's STAR Market board, while food ingredients maker Shandong Sanyuan Biotechnology jumped 17.1% against its offer price of 109.30 yuan.

CURRENCY NEWS: China's yuan gained against the dollar on Thursday, after firmer mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3599 per dollar, stronger than the previous day fix 6.3569. Spot yuan CNY=CFXS opened at 6.3619 per dollar and was changing hands at 6.3583 at midday, 41 pips stronger from the previous late session close.

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