China Stocks end higher

23 Feb 2022 , 05:35 PM

The Mainland China share market finished session higher on Wednesday, 23 February 2022, as bargain hunting resumed after sanctions by the Western nations against Moscow and reports stated that the Russia-Ukraine conflict has limited impact on Chinas giant economy.

At close of trade, the benchmark Shanghai Composite Index advanced 0.93%, or 32 points, to 3,489.15. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 1.75%, or 40.28 points, to 2,337.58. The blue-chip CSI300 index grew 1.07%, or 48.90 points, to 4,623.05.

Western nations on Tuesday punished Russia with new sanctions for ordering troops into separatist regions of eastern Ukraine and threatened to go further if Moscow launched an all-out invasion of its neighbor.

After Moscow deployed troops in separatist regions of eastern Ukraine, the United States, the European Union, Britain, Australia, Canada and Japan responded with plans to target banks and elites, while Germany froze a major gas pipeline project from Russia.

Investment bank China International Capital Corp (CICC) said in a note that the conflict has limited impact on Chinas giant economy, given its relatively small exposure to Russia in terms of trade. In the long term, Russia could increase yuan holdings due to western sanctions.

CURRENCY NEWS: Chinas yuan was little changed against the dollar on Wednesday, 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 6.3313 per dollar, 0.27% up than yesterdays fix of 6.3487. Spot yuan CNY=CFXS was changing hands at 6.28 at late afternoon, 0.01% softer than the previous late session close.

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