China Market extends losses on slowdown worries

The Mainland China share market finished lower for third straight session on Thursday, 28 October 2021, as risk aversion selloff continued amid lingering concerns about the corporate earnings strength due to the broader economic slowdown.

At closing bell, the benchmark Shanghai Composite Index fell 1.23%, or 43.89 points, to 3,518.42. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 1.47%, or 35.27 points, to 2,362.24. The blue-chip CSI300 index decreased 0.69%, or 34.02 points, to 4,864.14.

CURRENCY NEWS: China's yuan was little lower against the U.S. dollar on Thursday as softer mid-point fixing by central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint CNY=PBOC at 6.3957 per dollar, 101 pips or weaker than the previous fix of 6.3856. In the spot market, onshore yuan CNY=CFXS was changing hands at 6.3975, 60 pips softer than the previous late session close.

 

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