China Market falls 0.2%

Mainland China share market finished session lower on Thursday, 14 March 2024, weighed down by gaming and semiconductor stocks, with investors anxiously awaiting an interest rate decision in China. However, healthcare shares rose on market talks of potential policy support for China's biotech sector.

At close of trade, the benchmark Shanghai Composite index declined 0.18%, or 5.60 points, to 3,038.23. The Shenzhen Composite Index, which tracks stocks on China's second exchange, sank 0.59%, or 10.47 points, to 1,758.10. The blue-chip CSI300 index fell 0.28%, or 10.14 points, to 3,562.22.

Healthcare shares rose on market talks of potential policy support for China's biotech sector. China's pharmaceutical giant Hengrui and biotech company Beigene jumped 5.3% and 8.0%, respectively. clinical trials and contract research firm Tigermed Consulting up to a maximum of 20%.

Share of Wuxi Apptec and Wuxi Biologics weakened more than 12%, as a U.S.-based biotech trade association is taking steps to "separate" from Chinese member Wuxi AppTec.

CURRENCY NEWS: China's yuan declined against a greenback on Thursday. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.0974 per dollar, 44 pips weaker than the previous fix of 7.0930. In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.1926 at midday, 56 pips weaker than the previous late session close.

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