China Market rises 1.8%

The China share market finished session higher on Monday, 13 July 2020, as risk sentiments underpinned ahead of second quarter economic figures on Thursday, with market pundits widely expecting GDP to rebound from a record 6.8% contraction in the first quarter.

At closing bell, the benchmark Shanghai Composite Index surged 1.77%, or 59.96 points, to 3,443.29. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 3.48%, or 78.39 points, to 2,329.40. The blue-chip CSI300 index gained 2.1%, or 99.83 points, to 4,852.96.

CURRENCY NEWS: The yuan edged up against the dollar on Monday, despite softer mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.9965 per dollar, 22 pips, or 0.03%, weaker than the previous fix of 6.9943. In the spot market, onshore yuan CNY=CFXS opened at 7.0000 per dollar and was changing hands at 6.9988 at midday, 12 pips firmer than the previous late session close.

 

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