China Market rebounds on bargain buying

The Mainland China share market finished session higher on Friday, 29 October 2021, as investors chased for bottom fishing after steep losses in the previous three sessions.

At closing bell, the benchmark Shanghai Composite Index advanced 0.82%, or 28.92 points, to 3,547.34. The Shenzhen Composite Index, which tracks stocks on China's second exchange, gained 1.6%, or 37.79 points, to 2,400.03. The blue-chip CSI300 index rose 0.92%, or 44.63 points, to 4,908.77.

CURRENCY NEWS: China's yuan was little lower against the U.S. dollar on despite firmer mid-point fixing by central bank. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint CNY=PBOC at 6.3907 per dollar, 50 pips firmer than the previous fix of 6.3957. In the spot market, onshore yuan CNY=CFXS was changing hands at 6.4009, 91 pips weaker than previous late night session.

 

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