China Market falls on profit booking

The China share market finished session lower on Wednesday, 19 August 2020, snapping four days of winning streak, as profit booking triggered amid geopolitical development in Australia-China relations after China's Ministry of Commerce launched an anti-dumping investigation into some wines imported from Australia. The delay of high-level trade talks on the implementation of a U.S.-China Phase 1 deal also weighed on market sentiment. .

At closing bell, the benchmark Shanghai Composite Index was down 1.24%, or 42.96 points, to 3,408.13. The Shenzhen Composite Index, which tracks stocks on China's second exchange, declined 1.95%, or 44.77 points, to 2,253.68. The blue-chip CSI300 index fell 1.5%, or 72.08 points, to 4,740.68. .

 

CURRENCY NEWS: The yuan was up against greenback on Wednesday, 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 6.9168 per dollar, 0.23% firmer than the previous fix of 6.9325.

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