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China Market extends gain to third day

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The Mainland China share market finished for third session in row on Thursday, 29 April 2021, with shares in financials leading rally on upbeat first-quarter earnings and reports that some mutual funds increased their allocation to the sector.

At closing bell, the benchmark Shanghai Composite Index was up 0.52%, or 17.83 points, to 3,474.90. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.2%, or 4.71 points, to 2,305.65. The blue-chip CSI300 index added 0.88%, or 44.93 points, to 5,164.17.

Banking shares were up after reports that some mutual funds increased their allocation to the sector. Data showed that total market value of mutual fund holdings in banks stood at 123.39 billion yuan ($19.07 billion) at end-March, up by 73.44% from the previous quarter.

Bank of Jiangsu locked at upper circuit after the lender said its non-performing loan ratio fell to 1.32% at end-March, the lowest level since it was listed.

Guangdong Jushen Logistics gained 44% from its debut price of 15.09 yuan in Shenzhen, while Changchun Zhiyuan New Energy Equipment, which manufactures industrial tanks and storages, rose 81% from its listing price of 24.90 yuan.

CURRENCY NEWS: China yuan was up against the dollar on Thursday, inline with firmer mid-point fixing by central bank and following a dovish outlook from the Federal Reserve and as the U. S. president outlined a fresh $1.8 trillion stimulus plan. The People's Bank of China set the midpoint rate CNY=PBOC at 6.4715 per dollar prior to market open, 0.21% firmer than the previous fix of 6.4853. In the spot market, onshore yuan was last quoted at 6.4716, firmer by 0.11% from the previous late session close of 6.4789. 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.)

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First Published: Thu, April 29 2021. 17:00 IST