China Stocks gains on materials & resources rally

Mainland China share market finished choppy session slightly higher on Wednesday, 23 November 2022, as bargain buying in mining, industrials, and construction stocks helped to offset losses elsewhere.

Gains in Chinese stocks were somewhat muted, as worsening COVID-19 outbreaks weighed on sentiment. China reported 29,157 new COVID-19 infections for Nov. 22, a new high in more than seven months, while the financial hub Shanghai said it would tighten rules for people entering the city to combat the recent COVID-19 outbreak in the country.

At close of trade, the benchmark Shanghai Composite Index was up 0.26%, or 7.96 points, to 3,096.91. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.34%, or 6.88 points, to 1,995.51. The blue-chip CSI300 index added 0.11%, or 3.96 points, to 3,773.53.

CURRENCY NEWS: China's yuan eased against the dollar on Wednesday, despite firmer midpoint fixing by China's central bank. Prior to market opening on Friday, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 7.1281 per dollar, 386 pips or 0.54% firmer than the previous fix of 7.1667. In the spot market, the onshore spot yuan CNY=CFXS opened at 7.1388 per dollar and was changing hands at 7.1445 at midday, 35 pips or 0.05% weaker than the previous late session close.

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