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China Stocks end mostly lower

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The China shares finished session mostly lower on Thursday, 17 September 2020, as investors reacted to global banks developments. At closing bell, the benchmark Shanghai Composite Index dropped 0.41%, or 13.49 points, to 3,270.44. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 1.77%, or 0.08 points, to 2,186.99. The blue-chip CSI300 index eased 0.53%, or 24.65 points, to 4,632.71.

Overnight, the U. S. Federal Reserve said it would keep interest rates near zero until inflation is on track to overshoot the central bank's 2% target. While the Fed pledged its policy would remain accommodative, it also observed that the pace of economic activity is likely to slow and added that additional stimulus spending may be needed to support gains in the US job market.

The Fed said gains in economic activity and employment in recent months remained well below their levels at the beginning of the year, following the conclusion of its last scheduled meeting before the November elections. The Covid-19 crisis continues to weigh on the economy, it added.

Meanwhile, the Bank of Japan (BoJ) kept monetary policy steady on Thursday. In its monetary policy statement, the BoJ said the Japanese economy has started to pick up but remained in a severe situation due to the impact of the coronavirus pandemic at home and abroad.

Four new stocks soared on their debuts, buoyed by investors' belief that they were undervalued based on the offering prices. Shenzhen XFH Technology, a materials company whose products include graphite anode and lithium ions used in electric-vehicle battery packs, soared 308% to 60 yuan (US$9.42). Winner Medical, a Shenzhen-based manufacturer and distributor of health care supplies, rose 70% from its IPO price to 126.25 yuan. Guangdong Huiyun Titanium Industry, a producer of specialty chemicals including titanium dioxide use in anti-ultraviolet ray sunscreens, surged 527% above its offer price of 3.64 yuan to 22.84 yuan. Shanxi Huaxiang Group, which makes machinery parts such as crankshafts, cylinders, pistons, and flanges, jumped by its 44% daily limit to 11.62 yuan, compared with its offer price of 7.82 yuan on the mainboard of Shanghai Stock Exchange.

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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: Thu, September 17 2020. 16:44 IST
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