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China Market falls on profit booking

Capital Market 

The Mainland China shares finished session lower on Tuesday, 24 November 2020, as investors booked profits following recent strong gains. However, market losses capped as the Trump administration cleared the transition for U. S. President-elect Joe Biden, with hopes of better relations between Beijing and Washington.

At closing bell, the benchmark Shanghai Composite Index declined 0.34%, or 11.67 points, to 3,402.82. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.34%, or 7.81 points, to 2,294.15. The blue-chip CSI300 index dropped 0.61%, or 30.74 points, to 4,974.29.

The U. S.

President Donald Trump gave the head of the General Services Administration the go-ahead to proceed with a transition to a government led by Biden despite plans to continue with legal challenges. On Monday, the Trump administration was looking to restrict 89 Chinese aerospace and other companies from buying a range of U. S. goods and technology. That marked the latest in a series of U. S. actions, orchestrated by Trump, against China on trade, technology and geopolitics.

CURRENCY NEWS: The yuan rebounded against the dollar on Tuesday. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at a one-week low of 6.5809 per dollar, weaker than the previous fix of 6.5719. The onshore spot yuan CNY=CFXS opened at 6.5780 per dollar and was changing hands at 6.5829 at midday, 21 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: Tue, November 24 2020. 18:24 IST