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China Market falls after disappointing factory activity growth data

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The Mainland China share market finished session lower on Friday, 3 0April 2021, snapping three session winning streak, as investors booked recent profit after official data showed China's factory activity expanded at a slower-than-expected pace in April and as regulators imposed wide-ranging restrictions on the financial divisions of 13 companies, including Tencent Holdings and ByteDance, in an antitrust crackdown.

At closing bell, the benchmark Shanghai Composite Index was down 0.8%, or 28.04 points, to 3,446.86. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.29%, or 6.72 points, to 2,298.93. The blue-chip CSI300 index dropped 0.79%, or 40.68 points, to 5,123.49. China's financial markets will be closed from Saturday, and trading will resume on May 6.

ECONOMIC NEWS: China NBS Manufacturing Sector Expands At Slower Pace In April- China manufacturing sector continued to expand in April, with a manufacturing PMI score of 51.1, the National Bureau of Statistics said on Friday, down from 51.9 in March.

It remains above the boom-or-bust line of 50 that separates expansion from contraction, however. The bureau also said that the non-manufacturing index came in with a score of 54.9, down from 56.3 in the previous month.

CURRENCY NEWS: China yuan was up against the dollar on Friday, inline with firmer mid-point fixing by central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.4672 per dollar, 43 pips firmer than the previous fix of 6.4715 and the strongest since March 3. In the spot market, onshore yuan CNY=CFXS opened at 6.4690 per dollar and was changing hands at 6.4685 at midday, 35 pips firmer than the previous 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: Fri, April 30 2021. 19:02 IST
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