China Stocks mixed on concerns over 2nd wave of virus

The Mainland China share market finished session mixed on Tuesday, 12 May 2020, due to concerns over a second wave of coronavirus cases after Wuhan, the epicentre of the outbreak in China, reported five new cases on Monday. At closing bell, the benchmark Shanghai Composite Index was down 0.11%, or 3.25 points, to 2,891.56. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.33%, or 6 points, to 1,810.74. The blue-chip CSI300 index was up marginal 0.06%, or 0.00 points, to 3,960.24.

The risk of a second wave of coronavirus infections resurfaced after an increase in new infection cases in countries that have loosened business restrictions, such as China, South Korea, France, and Germany.

 

While the US-China relationship and the coronavirus are in the back of investors' minds, overall sentiment has been positive.

ECONOMIC NEWS: China Consumer Prices Up 3.3% On Year In April- China consumer prices were up 3.3% on year in April, the National Bureau of Statistics said on Tuesday, down from 4.3% in March. On a monthly basis, consumer prices sank 0.9%, after sliding 1.2% in the previous month. The stats bureau also reported that producer prices tumbled 3.1% on year, down sharply from the 1.5% decline a month earlier.

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