China Stocks end lower

The Mainland China share market finished session down on Wednesday, 02 March 2022, amid renewed concerns about impact of a growing list of international sanctions on Moscow over its Ukraine invasion and higher fuel costs on the global economy.

At close of trade, the benchmark Shanghai Composite Index was down 0.13%, or 4.64 points, to 3,484.19. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.56%, or 13.07 points, to 2,313.18. The blue-chip CSI300 index sank 0.89%, or 41.09 points, to 4,578.60.

CURRENCY NEWS: China's yuan was tad softer against the dollar on Wednesday as 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 6.3351 per dollar, 337 pips or 0.53% weaker than the previous fix of 6.3014. Spot yuan CNY=CFXS opened at 6.3131 per dollar and was changing hands at 6.3126 at midday, 13 pips weaker than the previous late session close.

 

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