The Mainland China share market finished sharp higher on Monday, 07 February 2022, as investors catching up with overseas indexes after a week-long holiday for the Lunar New Year, with sentiment boosted by Fridays jump in Hong-Kong listed names and easing concerns about regulatory headwinds for the nations battered tech sector.
At close of trade, the benchmark Shanghai Composite Index advanced 2.03%, or 68.14 points, to 3,429.58. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 1.04%, or 23.62 points, to 2,285.99. The blue-chip CSI300 index gained 1.54%, or 70.32 points, to 4,634.09.
Shares in Construction Engineering and infrastructure players jumped after Chinas state planner said it would accelerate the construction of new infrastructure. The National Development and Reform Commission also said more efforts would be made to expand domestic demand.
ECONOMIC NEWS: China Caixin Services PMI Expands At Slower Pace In January- China services sector continued to expand in January, albeit at a slower pace, the latest survey from Caixin showed on Monday with a PMI score of 51.4. Thats down from 53.1 in December, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction. The rate of growth was the slowest seen in the current five-month sequence of expansion. Total new orders rose marginally at the start of 2022, with the upturn the second-slowest seen since sales returned to growth last September. The softer rise in new work was in part due to weaker external demand. New export orders fell for the first time in four months and at the quickest pace since October 2020. The survey also showed that the composite index slipped to 50.1 in January from 53.0 in December.
CURRENCY NEWS: Chinas yuan gained against the dollar on Monday, after firmer mid-point fixing by central bank. Prior to market opening, the Peoples Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3580 per dollar, stronger than the previous day fix 6.3746. Spot yuan CNY=CFXS opened at 6.3588 per dollar and was changing hands at 6.3583 at midday, 27 pips firmer than the last late session close on Jan. 28.
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