China Stocks extend losses on Ukraine crisis, rising COVID-19 cases

8 Mar 2022 , 05:51 PM

The Mainland China share market finished session down on Tuesday, 08 March 2022, as investor sentiment was weighed down by worries about the impact of surging prices of crude oil and other commodities on the economy after the latest cease-fire talks between Russia and Ukraine made scant progress.

Market sentiments also dampened due to rising Covid-19 cases in mainland China and Hong Kong. Mainland China reported 325 new coronavirus cases on March 7, compared with 327 a day earlier.

At close of trade, the benchmark Shanghai Composite Index was down 2.35%, or 79.32 points, to 3,293.53. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, dropped 2.89%, or 63.75 points, to 2,139.67. The blue-chip CSI300 index sank 2%, or 87.39 points, to 4,265.39.

CURRENCY NEWS: Chinas yuan touched a one-week high against the U.S. dollar on Tuesday, after firmer mid-point fixing by central bank and as investors eyed Chinese assets as a potential safe harbour amid heightened market volatility over the Ukraine crisis. Prior to market opening, the Peoples Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3185 per dollar, 0.46% stronger than the previous fix of 6.3478.

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