China Market close higher

The Mainland China share market finished session higher on Wednesday, 28 October 2020, as sentiment was lifted by hopes of a speedy economic recovery from the COVID-19 pandemic. However, market gains capped on news of resurgence in coronavirus infections in the northwestern Xinjiang region.

At closing bell, the benchmark Shanghai Composite Index advanced 0.46%, or 14.92 points, to 3,269.24. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.68%, or 15.19 points, to 2,239.11. The blue-chip CSI300 index gained 0.81%, or 37.99 points, to 4,737.27.

CURRENCY NEWS: China's yuan declined on Wednesday, inline with softer mid-point fixing by the central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.7195 per dollar, 206 pips or 0.3% weaker than the previous session fix of 6.6989. In the spot market, onshore yuan CNY=CFXS opened at 6.7140 per dollar and was changing hands at 6.7094 at late afternoon, 49 pips weaker than the previous late session close.

 

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