China Stocks fall on slowing services activity growth

The Mainland China share market finished session down on Thursday, 03 March 2022, after a survey showed service sector activity in February had expanded at the slowest pace in six months.

At close of trade, the benchmark Shanghai Composite Index was down 0.09%, or 3.08 points, to 3,481.11. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.83%, or 19.10 points, to 2,294.08. The blue-chip CSI300 index sank 0.59%, or 26.97 points, to 4,551.63.

Shares of realty companies gained after the chairman of China's banking and insurance regulator said the trend of property bubbles in China had been reversed.

Coal shares rose amid surging prices following Russia's invasion of Ukraine and an announcement by the Zhengzhou Commodity Exchange on Wednesday to raise thermal coal margin requirement.

ECONOMIC NEWS: The Caixin/Markit services Purchasing Managers' Index dropped to 50.2 in February, from 51.4 in January, as the sprawling industry reels from the government's tough containment measures to stop the spread of local COVID-19 outbreaks.

CURRENCY NEWS: China's yuan appreciated 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 6.3016 per dollar, 335 pips or 0.53% firmer than the previous fix 6.3351. Spot yuan CNY=CFXS was changing hands at 6.3183 at midday, 27 pips firmer than the previous late session close.

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