China Market rebounds on bargain buying

14 Jun 2022 , 05:41 PM

Mainland China share market finished session higher on Tuesday, 14 June 2022, reversing an early slide, as investors chased for bottom fishing on recently battered stocks, with tech stocks leading rally on reports that Chinese regulators could be easing regulations on business sectors including the tech industry. Meanwhile, signs of improving relationships between Beijing and Australia and New Zealand also helped spur risk appetite. At close of trade, the benchmark Shanghai Composite Index increased by 1.02%, or 33.35 points, to 3,288.91. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, grew 0.19%, or 4.01 points, to 2,089.11. The blue-chip CSI300 index grew 0.79%, or 32.96 points, to 4,222.31. Market confidence was improved by Chinas improving economic data and the Chinese governments forceful rollout of supportive policies to help the economy get back on track. Sichuan Qiaoyuan Gas shares jumped 71% against its initial public offering price of 16.91 yuan. The Chinese industrial gas manufacturer raised 676.6 million yuan from the IPO. CURRENCY NEWS: Chinas yuan was up against the U.S. dollar on Tuesday despite firmer mid-point fixing by central bank. Prior to market opening, the Peoples Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.7482 per dollar, 300 pips or 0.44% weaker than the previous fix 6.7182. In the spot market, the onshore yuan CNY=CFXS opened at 6.6899 per dollar and was changing hands at 6.7381, 149 pips firmer than the previous late session close. Powered by Capital Market – Live News