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China Market gains on potential policy supports

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The Mainland China shares finished session mostly higher on Wednesday, 18 November 2020, as risk sentiment aided by the government hint about additional policy measures to prop up the coronavirus-ravaged broad economy.

At closing bell, the benchmark Shanghai Composite Index added 0.22%, or 7.41 points, to 3,347.30. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.34%, or 7.74 points, to 2,261.59. The blue-chip CSI300 index sank 0.06%, or 3.12 points, to 4,891.67.

China will promote economic growth to a "reasonable" range while pursuing higher quality development, Premier Li Keqiang was quoted as saying on Tuesday night by state radio.

Remarks made by Premier Li helped assuage investor concerns that authorities might soon abandon policy stimulus plans as the recovery in the world's second-largest economy from its COVID-19 slump gathered momentum. Senior officials from the People's Bank of China (PBOC) said the bank will consider policy changes and more flexible monetary policy as the economy recovers but won't make any hasty moves.

CURRENCY NEWS: China's yuan held near a 29-month high against the dollar on Wednesday after the central bank set a stronger midpoint. Prior to market open, the People's Bank of China set the midpoint rate CNY=PBOC at 6.5593 per dollar, 169 firmer than the previous fix of 6.5762, and the strongest since June 27, 2018. The spot market CNY=CFXS opened at 6.5540 per dollar and was changing hands at 6.5538 at midday, 37 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: Wed, November 18 2020. 17:17 IST