China Market ends mixed on geopolitical tensions

Mainland China share market finished session mixed on Thursday, 18 April 2024, as shaky domestic economic data, Feds hawkish stance on rate outlook and rising geopolitical tensions in the Middle East sapped risk appetite.

Market participants were also concerns about higher trade tensions between world two largest economies, as President Joe Biden on Wednesday called for sharply higher U.S. tariffs on Chinese metal products as part of a package of policies aimed at pleasing steelworkers in the swing state of Pennsylvania, at the risk of angering Beijing.

At close of trade, the benchmark Shanghai Composite index edged up 0.09%, or 2.84 points, to 3,074.23. The Shenzhen Composite Index, which tracks stocks on China's second exchange, sank by 0.11%, or 1.83 points, to 1,698.92. The blue-chip CSI300 index rose 0.12%, or 4.40 points, to 3,569.80.

CURRENCY NEWS: China's yuan slightly appreciated against a greenback on Thursday, inline with firmer mid-point rate. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.102 per dollar, firmer than the previous day fix of 7.1025. In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.2359 at midday, 24 pips firmer from the previous late session close.

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