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China Market rises on upbeat data, ETF approval

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The China share market finished session higher on Monday, 14 September 2020, as investors sentiments boosted up amid expectations about the economic recovery in China after recent upbeat economic data. Meanwhile, sentiments also lifted up on hopes of fresh funds inflow to the market after securities regulator approval of the first batch of exchange-traded funds (ETFs) tracking the benchmark STAR50 index.

At closing bell, the benchmark Shanghai Composite Index added 0.57%, or 18.47 points, to 3,278.81. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 1.15%, or 24.88 points, to 2,189.10. The blue-chip CSI300 index gained 0.51%, or 23.77 points, to 4,651.05.

Market commenced trading with firm footing on the back of encouraging China's economic data that showed the world's second-largest economy was on track recovering from the coronavirus crisis.

New home prices in China rose at a slightly faster monthly pace in August, as consumer demand showed signs of picking up. Chinese banks extended more new loans in August than expected, while broad credit growth quickened, pointing to continued policy support as the economy recovers from a record coronavirus-induced slump.

Meanwhile, sentiments also lifted up on hopes of fresh funds inflow to the market after China Asset Management Co (ChinaAMC), E Fund Management Co and Huatai-PineBridge Fund Management Co received regulatory approval to launch ETFs tracking the benchmark STAR50 index.

CURRENCY NEWS: China's yuan appreciation against greenback on Monday, inline with firmer mid-point fixing by central bank. The People's Bank of China (PBOC) set the yuan's midpoint rate CNY=PBOC at 6.8361 per dollar prior to market open, firmer by 0.04% from the previous fix of 6.8389. Spot yuan CNY=CFXS was traded at 6.8304 around late afternoon, 0.06% stronger than Friday's late session close of 6.8348.

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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, September 14 2020. 18:30 IST
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