China Stocks end mixed

22 Mar 2022 , 05:28 PM

The Mainland China shares closed mixed on Tuesday, 22 March 2022, with the Shenzhen Composite Index and the CSI300 index settling down, while the Shanghai Composite Index managed to end above the unchanged line.

The mixed finish of the Mainland market came amid lingering concerns that coronavirus outbreaks could disrupt an economy already facing headwinds from an uncertain global recovery and a property downturn. Market losses were, however, minimal after the countrys cabinet pledged measures to boost market confidence, shore up economic stability and keep capital market development stable and healthy.

At close of trade, the benchmark Shanghai Composite Index was up 0.19%, or 6.18 points, to 3,259.86. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, declined by 0.41%, or 8.85 points, to 2,151.68. The blue-chip CSI300 index sank 0.08%, or 3.45 points, to 4,225.30.

China Eastern Airlines shares plunged 6.2% after a Boeing 737-800 of the company with 132 people on board crashed into a hillside in southern China.

CURRENCY NEWS: Chinas yuan depreciated against the U.S. dollar on Tuesday, despite firmer mid-point fixing by central bank, as the Federal Reserve Chair Jerome Powell statement that the U.S. central bank must move expeditiously to raise rates. Prior to market opening, the Peoples Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3664 per dollar, 13 pips firmer than the previous fix of 6.3677. In the spot market, the yuan CNY=CFXS opened at 6.3616 per dollar and was changing hands at 6.3639 at midday, 71 pips weaker than the previous late session close.

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