China Stocks fall on profit booking

The Mainland China share market finished session marginal lower on Tuesday, 20 April 2021, as investors took profits following the previous day's strong gains and on tracking soft lead from the Wall Street overnight and weakness in other regional markets. However, market losses were marginal, after the People Bank of China kept its lending benchmark steady for a twelfth straight month, helping to ease persistent investor concerns over the impact of possible policy tightening.

At closing bell, the benchmark Shanghai Composite Index fell 0.13%, or 4.61 points, to 3,472.94. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.07%, or 1.68 points, to 2,272.68. The blue-chip CSI300 index sank 0.07%, or 3.65 points, to 5,083.37.

 

Shares of car makers surged amid frequent news updates on electric vehicle ventures as new players including Xiaomi and Huawei Technologies stepped up efforts in the sector. Bohai Automotive Systems and BAIC BluePark rose by the daily cap of 10 per cent on mainland bourses.

CURRENCY NEWS: China yuan was up against the dollar on Monday, inline with firmer mid-point fixing by central bank and broad dollar weakness following a dip in U.S. bond yields. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at a near one-month high of 6.5103 per dollar, 130 pips or 0.2% firmer than the previous fix of 6.5233. In the spot market, onshore yuan was last quoted at 6.4959, firmer by 0.23% from the previous late session close of 6.511.

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