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China Stocks cheer risk-on sentiment

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The Mainland equity market inclined on Monday, 10 June 2019, as risk sentiments boosted up after released better-than-expected trade data for May and news that U. S. had suspended plans to impose tariffs on after the two arrived at an agreement on immigration. However, market topside capped, as the stand-off between and the remains unresolved, with eyes on a possible meeting between Trump and Xi Jinping at the summit in this month. At closing bell, the benchmark Shanghai Index inclined 0.86%, or 24.33 points, to 2,852.13. The Shenzhen Index, which tracks stocks on China's second exchange, was up 1.33%, or 19.53 points, to 1,483.23. The blue-chip CSI300 index added 1.29%, or 46.06 points, to 3,610.74.

said on Monday that exports in May inched up 1.1% year-on-year, while imports fell 8.5% during the same period, as a result, China's overall trade surplus was $41.65 billion in May.

In April, China's overall trade surplus in April was $13.8 billion, far below the projected $35 billion. That's partly due to an unexpected rise of 4% in imports, and a surprise fall of 2.7% in exports for the month.

CURRENCY NEWS: China yuan edged lower against greenback on Wednesday, despite firm fixing by Mainland Central bank, as the governor said there was no red line for the exchange rate. Markets widely interpreted Yi Gang's reported comments as a sign that authorities will tolerate more slippage in the yuan, but the central set a stronger-than-expected official midpoint on Monday, curbing losses in morning trade. Prior to the market opening, of China (PBOC) set the midpoint rate at 6.8925 per dollar, 20 bps or 0.03% firmer than the previous fix of 6.8945. The onshore Chinese yuan touched its lowest point in 2019 following the data release. It last traded at 6.9334 against the dollar, while its offshore counterpart also declined to 6.9523 against the greenback.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, June 10 2019. 13:13 IST