China Market extends gains on Thursday

Mainland China share market finished session modestly higher on Thursday, 22 February 2024, extending winning streak for fourth consecutive day after the Lunar Chinese New Year holiday, amid signs of support from Beijing to boost the economy and prop up the stock market.

The latest effort focused on supporting stocks came late Tuesday with announcements from the Shanghai and Shenzhen stock exchanges that banning major institutional investors from selling equity holdings during the 30 minutes at the open and close of each trading day

At close of trade, the benchmark Shanghai Composite index increased 1.27%, or 37.40 points, to 2,988.36. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 1.29%, or 21.09 points, to 1,650.10. The blue-chip CSI300 index surged 0.86%, or 29.80 points, to 3,486.67.

 

CURRENCY NEWS: China's yuan weakened against the dollar on Thursday. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.1018 per U.S. dollar, firmer than the previous fix 7.103. In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.1934 at midday, 29 pips weaker from the previous late session close.

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