China Stocks rebound on bargain hunting

10 May 2022 , 05:22 PM

The Mainland China market closed session higher on Tuesday, 10 May 2022, as investors sought for bargain hunting after the countrys central bank vowed on Monday further support for the slowing economy, and measures to boost confidence. However, market gains capped amid lingering concern over the adverse impact of Chinas zero-COVID policy, including disruptions on the global supply chain, following reports that restrictions have been tightened in some parts of the country, At close of trade, the benchmark Shanghai Composite Index advanced 1.06%, or 31.70 points, to 3,035.84. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 1.53%, or 28.47 points, to 1,894.39. The blue-chip CSI300 index added 1.09%, or 42.43 points, to 3,919.87. CURRENCY NEWS: The Peoples Bank of China continued lowering the countrys national currency on Tuesday, with the yuan falling to 6.7134 against the greenback, the lowest figure since 30 October 2020. The Chinas central bank started lowering the national currency exchange rate in late April amid a new COVID-19outbreak in Beijing and the ongoing lockdown in Shanghai, which resulted in disruptions in production and logistics chains.Powered by Capital Market – Live News