China Market falls 0.9%; technology and healthcare leads decline

The Mainland China share market finished session lower on Friday, 21 January 2022, as market participants locked in profits, with shares in technology and healthcare companies being notable losers after China's anti-graft watchdog pledged to investigate and punish any corrupt behavior found behind internet platforms and A U.N.-backed deal to produce cheap versions of a Covid-19 pill.

At close of trade, the benchmark Shanghai Composite Index dropped 0.91%, or 32.49 points, to 3,522.57. The Shenzhen Composite Index, which tracks stocks on China's second exchange, declined 1.32%, or 32.04 points, to 2,387.65. The blue-chip CSI300 index decreased 0.92%, or 44.20 points, to 4,779.31.

 

CURRENCY NEWS: China's yuan was down against the U.S. dollar on Friday, after softer mid-point fixing by the central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3492 per dollar, 7 pips softer than the previous fix of 6.3485. In the spot market, the onshore yuan CNY=CFXS was changing hands at 6.3427 per dollar, 12 pips weaker than the previous late session close.

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