China Market falls on COVID woes

8 Sep 2022 , 05:27 PM

Mainland China share market finished session slight lower on Thursday, 08 September 2022, as risk sentiments turned downbeat after the release of worse-than-expected trade data on Wednesday and on news of extended lockdowns in the Chinese city of Chengdu. At close of trade, the benchmark Shanghai Composite Index fell by 0.33%, or 10.71 points, to 3,235.59. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, dropped 0.89%, or 18.80 points, to 2,104.39. The blue-chip CSI300 index decreased 0.43%, or 17.30 points, to 4,037.68. Chengdu, the capital of the southwestern Chinese province of Sichuan, extended a lockdown in most of its districts on Thursday, to stem further transmission of COVID-19 in the city of 21.2 million people. CURRENCY NEWS: Chinas yuan appreciated against the dollar on Thursday after firmer mid-point fixing by central bank and signaling unease about the currencys recent sharp declines toward the critical 7 per dollar level. Prior to market opening, the Peoples Bank of China (PBOC) set midpoint rate CNY=PBOC at 6.9148 per dollar, 12 pips firmer than the previous fix of 6.9160. The onshore yuan CNY=CFXS finished the domestic session at 6.9639 per dollar as of 0830 GMT, 13 pips firmer than the previous late night close of 6.9652. Powered by Capital Market – Live News