China Stocks rebound on Russia-Ukraine hopes

The Mainland China share market finished session higher on Thursday, 10 March 2022, as dip buyers helped halt a five-day losing streak, on tracking positive lead from Wall Street overnight, pullback in crude oil futures, and the resumption of diplomatic talks between Russia and Ukraine.

At close of trade, the benchmark Shanghai Composite Index surged 1.22%, or 39.70 points, to 3,296.09. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 2.12%, or 44.79 points, to 2,160.94. The blue-chip CSI300 index grew 1.57%, or 66.49 points, to 4,292.84.

Market sentiments got a boost, as planned diplomatic talks between Russia and Ukraine. Russia's foreign minister Sergei Lavrov arrived in Turkey ahead of planned talks on Thursday with his Ukrainian counterpart Dmytro Kuleba.

 

Meanwhile, a string of Chinese companies and state media trying to soothe frayed nerves after recent sell-offs also lifted sentiment. Dozens of companies in China voluntarily disclosed their strong monthly performance, which was rarely seen before, to stabilise investor confidence. State media also sought to reassure investors, after the country's financial markets slumped to more than 20-month lows.

CURRENCY NEWS: China's yuan depreciated against the U.S. dollar on Thursday, despite firmer mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3105 per dollar, 0.12% stronger than the previous fix of 6.3178. In the spot market, the yuan CNY=CFXS was changing hands at 6.3203 around late afternoon, 0.04% weaker from the previous late session close.

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