You are here: Home » News-CM » International » Market Report
Business Standard

China Stocks down 0.3%

Capital Market 

Mainland China equity market finished session lower on Thursday, 12 December 2019, as a lack of new capital flowing into the market and amid uncertainties surrounding an initial trade deal between the United States and China. At closing bell, the benchmark Shanghai Composite Index declined 0.3%, or 8.72 points, to 2,915.70. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.2%, or 3.16 points, to 1,636.33. The blue-chip CSI300 index was down by 0.3%, or 11.73 points, to 3,891.02.

As per reports, US President Donald Trump is expected to meet on Thursday with top advisers to discuss tariffs on nearly $160 billion of Chinese consumer goods that are scheduled to take effect on December 15. China and the U. S. have until Sunday to come strike a so-called phase one trade deal. If an agreement wasn't reached by then, new U.

S. tariffs will take effect. Tariffs on another $156 billion in Chinese goods are set to go into effect on Dec. 15.

Semiconductor firms lifted in the Shenzhen market, as investors bet on rising demand due to new phone launches in 2020. A gauge of 124 companies related to semiconductors surged by 3%, with seven of them jumping by the daily limit of 10%, including packaging and testing firms China Wafer Level CSP (603005 SZ) and Jiangsu Dagang (002077 SZ).

Film and television producers in China rallied for another day, as investor sentiment has turned bullish recently, on the approaching holiday season and a rumoured relaxation of regulations. Ciwen Media (002343 SZ), a producer based in Beijing, advanced 6.2%. Zhejiang Talent Television and Film (300426) jumped by 9%.

CURRENCY NEWS: China's yuan was up against the dollar after the People's Bank of China (PBOC) set higher mid-point fixing. Prior to the open, the People's Bank of China set the midpoint rate CNY=PBOC 7.0253 per dollar, 132 pips firmer than the previous fix of 7.0385. In the spot market, the onshore yuan CNY=CFXS opened at 7.0300 per dollar and was changing hands at 7.0311 at midday, 75 pips firmer than the previous late session close.

Powered by Capital Market - Live News

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

First Published: Thu, December 12 2019. 19:25 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU