China Stocks fall on Ukraine jitters

The Mainland China share market finished session down on Thursday, 24 February 2022, joining global market selloff, as Russian President Vladimir Putin's decision to order a military attack on Ukraine coupled with fears about possible aggressive tightening by the Federal Reserve to combat inflation dented investors' appetite for riskier assets.

At close of trade, the benchmark Shanghai Composite Index declined 1.7%, or 59.19 points, to 3,429.96. The Shenzhen Composite Index, which tracks stocks on China's second exchange, sank 2.36%, or 55.14 points, to 2,282.44. The blue-chip CSI300 index dropped 2.03%, or 93.73 points, to 4,529.32.

Russian forces invaded Ukraine by land, air and sea, confirming the worst fears of the West with the biggest attack by one state against another in Europe since World War Two, sending global markets into a tailspin.

The Ukraine government said Moscow had launched a full-scale invasion, with Russian troops landing in the Black Sea port of Odessa and in Mariupol, and as Ukrainian military command centres in several cities came under missile attacks.

China reiterated a call for all parties involved in the situation in Ukraine to exercise restraint and rejected a foreign journalist's description of Russia's actions as an invasion.

CURRENCY NEWS: China's yuan was up against the dollar on Thursday, despite 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 6.328 per dollar, 0.05% up than yesterday's fix of 6.3313. Spot yuan CNY=CFXS was changing hands at 6.3166 at late afternoon, 0.04% softer than the previous late session close.

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