You are here: Home » News-CM » International » Market Report
Business Standard

China Market gains 0.57%

Capital Market 

The Mainland China share market reversed losses to end higher on Friday, 19 February 2021, as hopes of a faster than expected economic recovery and developments in Sino-U. S. relations continued to support buying spirit.

At closing bell, the benchmark Shanghai Composite Index advanced 0.57%, or 20.81 points, to 3,696.17. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.75%, or 18.27 points, to 2,468.66. The blue-chip CSI300 index rose 0.18%, or 10.46 points, to 5,778.84.

Market attention has shifted to Sino-U. S. relations.

Joe Biden will attend his first meeting as U. S. president with Group of Seven leaders on Friday to discuss plans to defeat the novel coronavirus, reopen the battered world economy and counter the challenge posed by China. The market will be closely watching the G7 summit to reassess its earlier position that a Biden administration would be better for U. S.-China relations

CURRENCY NEWS: China's yuan rose against the dollar despite softer mid-point fixing by the central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.4624 per dollar, 0.14% weaker than the previous fix of 6.4536. In the spot market, the onshore yuan CNY=CFXS opened at 6.4731 per dollar and was changing hands at 6.4716 at midday, 0.27% firmer than the previous late session close.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, February 19 2021. 16:59 IST