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China Stocks up on encouraging factory activity data

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The Mainland China share market finished session slight higher on Tuesday, 30 November 2021, as investors reacted positively to improvement in Chinese manufacturing data and reports that the new coronavirus variant would be milder than initially dreaded.

At close of trade, the benchmark Shanghai Composite Index rose marginal 0.03%, or 1.19 points, to 3,563.89. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.09%, or 2.33 points, to 2,519.27. The blue-chip CSI300 index was down 0.4%, or 19.39 points, to 4,832.03.

ECONOMIC NEWS: The official manufacturing Purchasing Manager's Index (PMI) was at 50.1 in November, up from 49.2 in October, data from the National Bureau of Statistics showed on Tuesday. The 50-point mark separates growth from contraction.

The official non-manufacturing PMI in November eased to 52.3 from 52.4 in October, as the services sector took a hit from the fresh lockdown measures as China raced to contain the latest outbreak. China's official October composite PMI, which includes both manufacturing and services activity, stood at 52.2, up from October's 50.8.

CURRENCY NEWS: China's yuan strengthened against the U. S. dollar on Tuesday after firmer mid-point fixing, persistent corporate demand, and signs of liquidity tightness in the money markets. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3794 yuan per dollar, 78 pips, or 0.12%, firmer than the previous fix of 6.3872. In the spot market, the onshore yuan CNY=CFXS was changing hands at 6.3716, 160 pips firmer than the previous late session close.

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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: Tue, November 30 2021. 15:46 IST