China Stocks end mixed

8 Feb 2022 , 05:15 PM

The Mainland China share market finished volatile session mixed on Tuesday, 08 February 2022, as risk sentiments subdued after Washington on Monday said it had added 33 Chinese entities to its unverified list, which requires U.S. exporters to go through more procedures before shipping goods to the entities. However, market losses capped after reports that Chinese state-backed funds intervened in the stock market to buy local shares in the afternoon session.

At close of trade, the benchmark Shanghai Composite Index advanced 0.67%, or 23.05 points, to 3,452.63. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, fell 0.24%, or 5.48 points, to 2,28051. The blue-chip CSI300 index sank 0.55%, or 25.32 points, to 4,608.77.

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.

a CURRENCY NEWS: Chinas yuan gained against the dollar on Tuesday, 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 6.3569 per dollar, stronger than the previous day fix 6.3580. Spot yuan CNY=CFXS opened at 6.3565 per dollar and was changing hands at 6.3599 at midday, 26 pips stronger from the previous late session close.

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