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China Market gains on trade deal hopes

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Headline indices of the Mainland equity market advanced on Tuesday, 12 March 2019, as U. S.-Sino trade talks appeared to make further progress. However, market gains capped on worries about economic headwinds at home. At closing bell, the benchmark Shanghai Composite Index advanced 1.1%, or 33.32 points, to 3,060.31. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 1.7%, or 28 points, to 1,695.81.

The blue-chip CSI300 index climbed 0.7%, or 25.40 points, to 3,755.35.

On the trade front, Chinese Vice held a telephone call with and US Trade on key issues in their trade talks on Tuesday, and set the next steps in "working arrangements".

Investors are awaiting news out of U. S.-trade negotiations after China's central said and are in general agreement on many crucial issues and have held meaningful discussions on foreign exchange.

will release a slew of economic data on Thursday, including industrial output, and fixed-asset investment for the combined January and February. The National People's is set to wrap up with a speech on Friday from Data on Monday showed China's automobile sales fell 13.8% in February from the same month a year earlier, marking the eighth consecutive month of decline.

CURRENCY NEWS: China's yuan strengthened against the U. S. dollar on Tuesday. The of China (PBOC) set the midpoint rate at 6.7128 per dollar prior to market open, 74 pips or 0.11 percent firmer than the previous fix of 6.7202.

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

First Published: Tue, March 12 2019. 15:54 IST