China Stocks gain on hopes for easing in COVID rules

30 Nov 2022 , 04:39 PM

Mainland China share market finished session slightly higher on Wednesday, 30 November 2022, as the risk-on sentiments returned on the table on hopes over Chinas exit from zero-Covid policy and other policy stimulus. Chinese health officials on Tuesday announced measures to boost vaccination among the elderly, an indicator which is seen as important for reopening the economy. Meanwhile, sentiments also boosted on bet that policymakers in Beijing will step up on recent stimulus efforts, after a statistics bureau report showed a slump in manufacturing deepened in November. At close of trade, the benchmark Shanghai Composite Index edged up 0.05%, or 1.59 points, to 3,159.34. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, was up 0.12%, or 2.47 points, to 2,018.69. The blue-chip CSI300 index added 0.12%, or 4.62 points, to 3,853.04. ECONOMIC NEWS: Chinas official manufacturing Purchasing Managers Index for November came in at 48, below the 50-point mark that separates growth from contraction. Octobers PMI was 49.2. CURRENCY NEWS: Chinas yuan advanced against the dollar on Wednesday, inine with stronger mid-point fixing. Prior to market opening on Friday, the Peoples Bank of China (PBOC) set the midpoint rate CNY=PBOC at 7.1769 per dollar prior to market open, firmer than the previous fix 7.1989. The spot yuan CNY=CFXS was changing hands at 7.1416 at midday, 159 pips stronger than the previous late session close and 0.49% below the midpoint. Powered by Capital Market – Live News