China Shares end mixed

14 Jul 2022 , 05:24 PM

Mainland China share market finished session with a mixed note on Thursday, 14 July 2022, amid fears that debt troubles in the property sector will hit lenders as more homebuyers threatened to halt mortgage payments. At close of trade, the benchmark Shanghai Composite Index fell 0.08%, or 2.55 points, to 3,281.74. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 0.79%, or 17.11 points, to 2,192.70. The blue-chip CSI300 index was up 0.01%, or 0.61 points, to 4,322.07. Chinese real estate and bank stocks plunged amid fears that debt troubles in the property sector will hit lenders as more homebuyers threatened to halt mortgage payments. A growing number of homebuyers have in the past few weeks threatened to stop making mortgage payments if property developers do not resume construction of pre-sold homes. CURRENCY NEWS: Chinas yuan softened against the U.S. dollar, despite firmer mid-point fixing by central bank, reflecting the broad strength of the dollar after the U.S. inflation accelerated to a more than four-decade high. U.S. consumer prices in June were 9.1% higher than a year earlier, the largest increase since 1981, leaving the Federal Reserve most certain to raise interest rates by another 75 basis points at the end of the month. Prior to market opening, the Peoples Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.7265 per dollar, 0.03% firmer than the previous fix at 6.7282. In the spot market, the onshore yuan CNY=CFXS was changing hands at 6.7242 at midday, 0.06% weaker than the previous late session close.Powered by Capital Market – Live News