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China Market ends softer

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The Mainland China share market finished marginally lower on Tuesday, 06 April 2021, as investors opted to secure profits after upbeat economic data raised worries of policy tightening. Meanwhile, sentiments were also hurt after the People Bank of China asked the nation's major lenders to curtail loan growth for the rest of this year to bring the housing boom under control.

At closing bell, the benchmark Shanghai Composite Index fell 0.04%, or 1.42 points, to 3,482.97. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.18%, or 4.12 points, to 2,266.20. The blue-chip CSI300 index declined 0.41%, or 21.22 points, to 5,140.34.

ECONOMIC NEWS: The Caixin/Markit services Purchasing Managers' Index (PMI) rose to 54.3, the highest since December, from 51.5 in February, well above the 50-mark that separates growth from contraction on a monthly basis. Caixin's composite manufacturing and services PMI, also released on Tuesday, rose to 53.1 in March, from 51.7 the previous month.

CURRENCY NEWS: China's yuan edged up against the dollar on Tuesday despite stronger mid-point fixing by the central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate at a one-week high of 6.5527 per dollar, 122 pips or 0.19% firmer than the previous fix of 6.5649. In the spot market, the onshore yuan trading unchanged from the open at 6.5550 per dollar, 125 pips firmer than the previous late session close on Friday.

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

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First Published: Tue, April 06 2021. 18:42 IST