iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

China Stocks end mixed as PBOC holds rates

21 Mar 2022 , 05:43 PM

The Mainland China shares closed mixed on Monday, 21 March 2022, with the Shanghai Composite Index and Shenzhen Composite Index managing to end above the unchanged line, while the CSI300 index settled down.

The mixed finish of the Mainland market came as Chinas central bank dashed hopes for an interest rate cut. The Peoples Bank of China kept its benchmark one-year loan prime rate unchanged at 3.7%, while the five-year LPR remained at 4.60% on Monday, even after a pledge by the government last week to support the domestic economy and financial markets.

Investors were in a bearish mood as various cities and provinces across the country have been battling coronavirus outbreaks, which could disrupt an economy already facing headwinds from an uncertain global recovery and a property downturn. Chinas financial hub of Shanghai reported on Monday a record daily surge in local COVID-19 infections as authorities scrambled to test residents and rein in the Omicron variant, while the Disney resort closed until further notice.

At close of trade, the benchmark Shanghai Composite Index climbed up 1.4%, or 44.33 points, to 3,215.04. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 2.24%, or 46.76 points, to 2,133.01. The blue-chip CSI300 index gained 1.96%, or 81.62 points, to 4,237.70.

Rate-sensitive financials firms and real estate developers closed down as the central banks move to leave its benchmark interest rate unchanged. Bucking the trend, shares in healthcare, non-ferrous metal and coal sectors ended up.

CURRENCY NEWS: Chinas yuan depreciated against the U.S. dollar on Monday after softer mid-point fixing by central bank. Prior to market opening, the Peoples Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3677 per dollar, 252 pips weaker than the previous fix of 6.3425. In the spot market, the yuan CNY=CFXS opened at 6.3589 per dollar and was changing hands at 6.3655 at midday, 40 pips weaker than the previous late session close.

Powered by Capital Market – Live News

Related Tags

  • capital market
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.