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China Market gains on upbeat data

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The Mainland China share market finished session higher on Monday, 16 November 2020, as risk sentiment aided by the establishment of a China-backed trade bloc and better than expected domestic factory output and retail sales data.

At closing bell, the benchmark Shanghai Composite Index added 1.11%, or 36.87 points, to 3,346.97. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.93%, or 21.16 points, to 2,289.82. The blue-chip CSI300 index grew 0.97%, or 47.32 points, to 4,904.17.

The country's factory output rose faster than expected in October jumping 6.9%, data showed on Monday. Retail sales continued to recover, climbing 4.3% year-on-year.

China and 14 Asia-Pacific nations signed a major trade deal on Sunday a move which aims to gradually reduce tariffs across many areas. The Regional Comprehensive Economic Partnership is now the world's largest trade bloc, a deal which excludes the U. S.

It marks the first time that East Asian powers China, Japan and South Korea are in a single trade agreement.

ECONOMIC NEWS: China Industrial Production Up 6.9% On Year In October- China industrial production a was up 6.9% on year in October, the National Bureau of Statistics said on Monday, unchanged from the September reading. The bureau also said that fixed asset investment rose 1.8% on year, up from 0.8% in the previous month. Retail sales gained 4.3% on year, up from 3.3% a month earlier. The unemployment rate came in at 5.3%, down from 5.4% in September. Finally, house prices climbed an annual 4.3% in October, easing from 4.7% a month earlier.

CURRENCY NEWS: The yuan rose to a one-week high against the dollar on Monday, underpinned by solid economic data that showed the fading negative impact from coronavirus shocks. Prior to the market opening, the PBOC set the midpoint rate CNY=PBOC at a near one-week high of 6.6048 per dollar, firmer than the previous fix of 6.6285. The onshore yuan CNY=CFXS was changing hands at 6.5826, 234 pips firmer 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: Mon, November 16 2020. 15:10 IST