iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

China Market extends gain as Beijing relaxes Covid test norms

6 Dec 2022 , 02:42 PM

Mainland China share market finished session modestly above neutral line on Tuesday, 06 December 2022, extending yesterday rally, as more cities lifted anti-COVID measures. However, market gains capped amid growing caution that the recovery in the worlds second-biggest economy could be gradual and bumpy even as Beijing eases strict COVID policies. At close of trade, the benchmark Shanghai Composite Index edged up 0.02%, or 0.72 point, to 3,212.53. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 0.26%, or 5.30 points, to 2,067.93. The blue-chip CSI300 index grew 0.54%, or 21.32 points, to 3,968.20. For the first time in about two years, Chinas capital city Beijing relaxed its norms for coronavirus test requirements on Tuesday, following the relaxation of anti-COVID curbs in several major cities over the weekend. Media reports also suggested that the Chinese government is gearing up to withdraw more curbs under its strict zero-COVID policy, following a wave of unprecedented protests against the law. The Chinese mainland on Monday reported 4,988 locally transmitted confirmed Covid-19 cases and 22,859 local asymptomatic infections, Chinas National Health Commission said on Tuesday. CURRENCY NEWS: The Chinese currency weakened against the U.S. dollar despite firmer mid-point fixing by central bank, due to growing caution that the recovery in the worlds second-biggest economy could be gradual and bumpy even as Beijing eases strict COVID policies. Sentiment was also eroded by growing concerns over the risks from eased COVID curbs in China. Chinas economy is likely to remain murky for the coming months despite a loosening of coronavirus controls, as the resurgence of infections will impact production and supply chain sectors Prior to market opening, the Peoples Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.9746 per U.S. dollar, firmer than the previous fix of 7.0384. The spot yuan CNY=CFXS slipped 0.2% to 6.9742 per dollar around late afternoon. Powered by Capital Market – Live News

Related Tags

  • capital market
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.