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 mixed on COVID-19 worries

25 Nov 2022 , 03:03 PM

Mainland China shares were mixed for second straight day on Friday, 25 November 2022, with the Shanghai Composite Index closing up 0.4%, while the Shenzhen Composite Index declined 0.7%, as risk sentiments remained subdued amid concerns over worsening COVID-19 conditions in China even though the countrys latest measures to support the beleaguered property sector. At close of trade, the benchmark Shanghai Composite Index was up 0.4%, or 12.38 points, to 3,101.69. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, was down 0.7%, or 13.96 points, to 1,984.18. The blue-chip CSI300 index added 0.5%, or 18.97 points, to 3,775.78. Asias largest economy is struggling with a record-high jump in daily COVID-19 cases, which saw the reintroduction of strict curbs in several major cities and also sparked public unrest in iPhone City Zhengzhou. China has reported another record high of new local Covid-19 cases on Thursday, totalling 32,695, as cities across the country enforce measures and curbs to control outbreaks. Thursdays new cases set a daily record for a second consecutive day. The continuous surge in Covid cases has rekindled traders concern about the slowing economy, and doubts about whether more monetary easing policies could achieve its goal of stimulating growth. Chinas biggest commercial banks have pledged at least $162 billion in fresh credit to property developers, bolstering recent regulatory measures rolled out to ease a stifling cash crunch in the sector and lifting property shares. CURRENCY NEWS: Chinas yuan weakened against the dollar on Friday, inine with softer mid-point fixing. Prior to market opening on Friday, the Peoples Bank of China (PBOC) set the midpoint rate CNY=PBOC at 7.1339 per US dollar, weaker than the previous fix 7.1201. In the spot market, onshore yuan opened at 7.1650 per dollar and was changing hands at 7.1585 at midday, 45 pips weaker than the previous late session close and 0.34% away from the midpoint. Powered by Capital Market – Live News

Related Tags

  • capital market
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More

Invest wise with Expert advice

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

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 Securities 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.