China Stocks fall on worries over Ukraine; Developers lead losses

14 Feb 2022 , 05:28 PM

The Mainland China share market finished session down on Monday, 14 February 2022, as investors reduced risky bets after the White House warned of a possible imminent Russian invasion of Ukraine.

Meanwhile, sentiments were also dampened amid nervous over the pivot in monetary policy from the US Federal Reserve and other central banks anxious to counter inflation.

Adding to the downbeat sentiment was the rapid drop in Zhenro Properties Groups bond prices, which underscore the risks in investing in Chinese developer bonds.

At close of trade, the benchmark Shanghai Composite Index declined 0.98%, or 34.07 points, to 3,428.88. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, sank 0.43%, or 9.83 points, to 2,253.13. The blue-chip CSI300 index sank 1.08%, or 49.71 points, to 4,551.69.

China Vanke shares tumbled 4.4% in Shenzhen to the lowest this year after Chairman Yu Liang told the companys annual meeting that the Chinese property developers income in 2022 ?will definitely drop significantly.?

CURRENCY NEWS: Chinas yuan declined against the dollar on Monday, 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 6.3664 per dollar, firmer than Fridays fix of 6.3681. Spot yuan CNY=CFXS opened at 6.3610 per dollar and edged up to 6.3595 at midday, still 53 pips weaker than the late session close on Friday.

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