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 rebounds 0.8%

4 Aug 2022 , 04:23 PM

Mainland China share market finished session modestly higher on Thursday, 04 August 2022, as investors turned their focus from tensions in Taiwan to a raft of newly launched infrastructure projects that Beijing is proposing to boost its sluggish economy. Meanwhile Goldman Sachs bullishness on Chinese stocks also supported sentiments. Goldman Sachs analysts kept their overweight outlook on Chinese equities and predicted 24% potential returns in the next 12 months despite worsening geopolitical tensions. At close of trade, the benchmark Shanghai Composite Index rose 0.8%, or 25.37 points, to 3,189.04. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 0.86%, or 18.14 points, to 2,135.33. The blue-chip CSI300 index was up 0.85%, or 34.56 points, to 4,101.54. Markets were relieved that US House of Representatives Speaker Nancy Pelosis visit to Taiwan didnt trigger direct military conflict, although Sino-US tensions linger over the self-ruled island that China claimed its own. Investors focus now shifted to signs infrastructure investment is gathering pace as Beijing seeks to revive its economy. As per reports, total 3,876 major projects started construction in July 2022, involving total investment of 2.4 trillion yuan ($355.33 billion). Separate reports stated that Chinas State Grid plans to invest more than 150 billion yuan in ultra high voltage (UHV) power transmission lines. On the corporate front, solar PV electronic devices manufacturer QC Solar (SuZhou) soared 267.4% from its initial public offering price of 34.84 yuan ($5.16) on the first day of its trading on the Shenzhen Stock Exchanges ChiNext board. CURRENCY NEWS: Chinas yuan appreciated against the U.S. dollar, on tracking a firmer official guidance rate, but gains were capped by broad dollar strength and concerns over rising Sino-US tensions. Prior to market opening, the Peoples Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.7636 per dollar, 177 pips or 0.26% firmer than the previous fix of 6.7813. In the spot market, the onshore yuan CNY=CFXS was changing hands at 6.7570 at midday, 27 pips firmer than the previous late session close. 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.