China Market extends gain

The Mainland China share market finished session higher on Wednesday, 28 April 2021, on the back of strong earnings, while investors waited for a likely politburo meeting later this week. At closing bell, the benchmark Shanghai Composite Index was up 0.42%, or 14.46 points, to 3,457.07. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.83%, or 19.01 points, to 2,300.94. The blue-chip CSI300 index added 0.56%, or 28.72 points, to 5,119.24.

Traders were keeping a close watch on the April politburo meeting, the top decision-making body of China's ruling Communist Party, for comments and guidance on policy deliberations.

 

Shares in Contemporary Amperex Technology Co, the world's biggest battery maker for new energy vehicles, climbed 5.3% after reporting a 22% jump in its 2020 net profit.

Shares of Kweichow Moutai lost 2.5% to 2,042 yuan after its first quarter results missed market expectation. Profit grew 6.6% to 14 billion yuan (US$2.16 billion) from a year ago, the lowest in at least six years.

Three new stocks listed on mainland bourses. Shenzhen Rayitek Hi-tech Film, which produces polyamide films for use in electronic products, more than quadrupled when its shares began trading in Shanghai at 27.12 yuan. Shenzhen Xinyichang Technology, a maker of semiconductor devices, tripled to 65.50 yuan in Shanghai. Dongrui Food Group, a meat processor and abattoir operator in the Guangdong province, advanced 44% to 91.27 yuan in Shenzhen.

CURRENCY NEWS: China yuan was marginally lower against the dollar on Wednesday, desline firmer mid-point fixing by central bank. The People's Bank of China set the midpoint rate CNY=PBOC at 6.4853 per dollar prior to market open, 71 pips firmer than the previous fix of 6.4924 and the strongest such guidance since March 12. The spot market CNY=CFXS opened at 6.4880 per dollar and was changing hands at 6.4868 at midday, 38 pips weaker than the previous late session close.

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