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China Stocks extend losses on profit booking, geopolitical risks

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The Mainland China share market finished lower for second straight session on Wednesday, 07 April 2021, as investors continued withdrawing recent profits after strong rally last week and rising geopolitical tensions.

At closing bell, the benchmark Shanghai Composite Index fell 0.1%, or 3.34 points, to 3,479.63. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.36%, or 8.09 points, to 2,258.11. The blue-chip CSI300 index declined 0.71%, or 36.60 points, to 5,103.74.

China and US sent warships into disputed waters in the East and South China seas, after Chinese navy group the Liaoning passed the waterway between Okinawa and Miyako Island on Saturday. Japan also sent destroyer and patrol aircraft to monitor and gather information.

COSCO Shipping surged by the daily limit of 10% to 16.15 yuan as the shipper expects earnings to jump 520% to 15.45 billion yuan in the first quarter of 2021, according to an exchange filing.

Optimism on COSCO has spread to other shipping stocks on mainland exchanges, with COSCO Shipping Development and Ningbo Marine advancing by 10%.

CURRENCY NEWS: China's yuan was little changed against the dollar on Wednesday despite stronger mid-point fixing by the central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate at 6.5384 per dollar, 143 pips or 0.2% firmer than the previous fix of 6.5527. In the spot market, onshore yuan opened at 6.5400 per dollar and jumped to 6.5361, the strongest level since March 25. It quickly pared gains and closed at 6.5413, weaker by 0.01% from previous late session close at 6.5409.

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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: Wed, April 07 2021. 17:39 IST
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