China Market rises to a near 13-month high

Headline indices of the Mainland China equity market advanced to a near 13-month high on Friday, 19 April 2019, as risk appetite buying underpinned after a raft of unexpectedly stronger-than-expected data suggested the slowing economy may be starting to stabilise. At closing bell, the benchmark Shanghai Composite Index inclined 0.63%, or 20.60 points, to 3,270.80 The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.94%, or 16.52 points, to 1,778.82. The blue-chip CSI300 index shed 1.19%, or 48.53 points, to 4,120.61.

Shares in the other Asian markets traded mixed Friday, 19 April 2019, with indices of Japan and Korea, and fluctuated in China, with trading volumes lighter than usual. Several Asia Pacific markets, including Australia, Hong Kong, Singapore and Indonesia, were closed due to a Good Friday holiday.

 

Wall Street edged higher on Thursday, 18 April 2019, on strong U.S. retail sales data and earnings from industrial companies. The Dow Jones Industrial Average rose 133.37 points, or 0.5%, to 26,582.91, the S&P 500 gained 5.79 points, or 0.2%, to 2,906.24 and the Nasdaq Composite added 1.64 points, or 0.02%, to 7,997.72.

Home appliances, mining and communications sectors were among the leading gainers, with shares of Gree Electric Appliances Inc jumping by 9.24% to close at 65 yuan.

CURRENCY NEWS: China's yuan appreciated against the U.S. dollar on Friday, despite firm mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate at 6.7043 per dollar, weaker than the previous fix of 6.6911. In the spot market, the onshore yuan opened at 6.7065 per dollar and was changing hands at 6.7020 at around late afternoon, 65 bps firmer than the previous late session close and 0.03% firmer than the midpoint.

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