China Stocks fall on profit booking

Mainland China share market finished session lower on Wednesday, 08 February 2023, as some investors sold shares after gains while awaiting for more proof on economic recovery.

At close of trade, the benchmark Shanghai Composite Index fell 0.49%, or 15.99 points, to 3,232.11. The Shenzhen Composite Index, which tracks stocks on China's second exchange, was down 0.54%, or 11.58 points, to 2,141.31. The blue-chip CSI300 index sank 0.44%, or 18.09 points, to 4,076.14.

CURRENCY NEWS: China's yuan strengthened against the dollar on Wednesday, after firmer mid-point fixing by China's central bank. Prior to market opening, the People's Bank of China (PBOC) set the yuan's midpoint rate CNY=PBOC at 6.7752 per dollar, 215 pips or 0.32% firmer than the previous fix of 6.7967. In the spot market, the onshore yuan CNY=CFXS was changing hands at 6.7791 at midday, 79 pips firmer than the previous late session close.

 

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