China Market ends stronger ahead of parliamentary annual meeting

Mainland China share market finished session modestly higher on Monday, 04 March 2024, as risk sentiments underpinned on expectation of government measures to revive a slowing economy and salvage the property market ahead of the annual meeting of China's top political advisory body this week.

At close of trade, the benchmark Shanghai Composite index increased 0.41%, or 12.28 points, to 3,039.31. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.18%, or 3.12 points, to 1,726.52. The blue-chip CSI300 index jumped 0.09%, or 3.07 points, to 3,540.87.

CURRENCY NEWS: China's yuan weakened against the dollar on Monday, despite firmer midpoint fixing. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.102 per U.S. dollar, stronger by 0.05% from the previous fix 7.1059. In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.1985 at midday, 0.03% weaker from the previous late session close of 7.196.

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