China Market posts skimpy gain

The Mainland China equity market closed fractionally higher after fluctuating in and out of the boundary line on Wednesday, 21 August 2019, as gains in information technology and real estate stocks helped to losses elsewhere. Also, market participants opted a risk off mood for the clues from policymakers at home and abroad this week on further support to shore up growth amid a protracted trade war between the world's two largest economies. At closing bell, the benchmark Shanghai Composite Index edged up 0.01%, or 0.33 point, to 2,880.33. The Shenzhen Composite Index, which tracks stocks on China's second exchange, shed 0.09%, or 1.49 points, to 1,572.62. The blue-chip CSI300 index shed 0.16%, or 5.97 points, to 3,781.76.

Information technology and real estate stocks gained. Shanghai Shibei Hi-Tech (600604 CH), a real estate business operator based in Shanghai, Shanghai Shenda (600626 CH), a textile importer and exporter, and Dynagreen Environmental Protection Group (601330 CH), which is based in Shenzhen and collects and incinerates garbage, locked 10% upper circuit.

 

CURRENCY NEWS: The onshore Chinese yuan traded at 7.0591 against the dollar after the People's Bank of China set the daily midpoint rate at 7.0433. Offshore yuan, which is traded outside mainland China and has comparatively fewer restrictions, traded at 7.0643.

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