China Market ends softer ahead of NPC meeting

Mainland China share market finished session slightly lower on Thursday, 02 March 2023, as market risk sentiments muted on caution ahead of the annual meeting of the National Party Congress, China's parliament, slated to begin this Sunday, for clues about any further government measures to stimulate the recovery of the economy.

At close of trade, the benchmark Shanghai Composite Index edged down 0.05%, or 1.69 points, to 3,310.65. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.52%, or 11.18 points, to 2,152.64. The blue-chip CSI300 index fell 0.22%, or 9.20 points, to 4,117.74.

CURRENCY NEWS: China's yuan weakened against the dollar on Thursday, despite firmer mid-point fixing by China's central bank, after hawkish comments by a Federal Reserve official revived concerns that its restrictive interest rate policy would persist. Prior to market opening, the People's Bank of China set the midpoint rate CNY=PBOC at 6.8808 per U.S. dollar, firmer than the previous fix of 6.94. In the spot market, the yuan CNY=CFXS was changing hands at 6.8947 at midday, 218 pips weaker than the previous late session close and 0.20% away from the midpoint.

 

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