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China Market ends higher after volatile trade

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The Mainland China equity market closed slight higher after volatile trade on Thursday, 22 August 2019, as gains in consumer companies countered lingering worries about the deepening Sino-U. S. trade war. At closing bell, the benchmark Shanghai Composite Index was up 0.11%, or 3.11 points, to 2,883.44. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.4%, or 6.29 points, to 1,578.91. The blue-chip CSI300 index added 0.31%, or 11.75 points, to 3,793.51.

Market participants risk sentiment was fragile, with recent news headlines offering little hope of a U. S-China trade deal anytime soon and new U. S. levies on Chinese goods set to go into effect on Sept. 1.

U. S. President Donald Trump said on Wednesday he was "the chosen one" to address trade imbalances with China, even as congressional researchers warned that his tariffs would hurt the American economy.

Shares of major liquor makers advanced, thanks to Beijing rolling out more measures to spur domestic consumption to shore up growth. Liquor giant Kweichow Moutai Co jumped 3.4%.

CURRENCY NEWS: The Chinese currency slipped to a fresh 11-year low against the dollar on Thursday, despite support from major state-owned banks in both the spot and forwards markets. Prior to the market opening, the People's Bank of China (PBOC)set the midpoint rate at 7.049 per dollar prior to market open, weaker than the previous fix of 7.0433. Spot yuan slid to 7.0752 in early trade, its weakest since March 2008. It was changing hands at 7.0740 at midday, 107 pips away from the previous late session close.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 22 2019. 19:43 IST