China Market slips 1%

5 Jan 2022 , 05:20 PM

The Mainland China share market finished lower for second straight session on Wednesday, 05 January 2022, weighed down by decline in tech stocks on concerns about new regulations after Beijing passed new rules that tighten controls on tech companies overseas listings and activities, while forbidding ?unreasonable discrimination? in pricing based on user habit data, a key monetization tool for Chinas largest e-commerce and short-video platforms.

At close of trade, the benchmark Shanghai Composite Index declined 1.02%, or 37.15 points, to 3,595.18. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, fell 1.74%, or 44 points, to 2,483.69. The blue-chip CSI300 index dropped 1.01%, or 49.65 points, to 4,868.12.

Chinas top market regulator announced on Wednesday that it has fined units of Alibaba, Bilibili and Tencent for improper reporting of deals. The countrys cyberspace regulator also announced Wednesday draft rules affecting mobile apps, including a security review requirement for those with functions that could sway public opinion.

CURRENCY NEWS: Chinas yuan unchanged against the U.S. dollar on Wednesday despite firmer mid-point fixing by the central bank, as some investors became cautious before Fed minute amid concerns that the Federal Reserve could deliver an earlier-than-expected interest rate hike. Prior to market opening, the Peoples Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3779 per dollar, 15 pips firmer than the previous fix 6.3794. In the spot market, the onshore yuan CNY=CFXS was changing hands 6.3721 around late afternoon, unchanged from the previous late session close.

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