China's Shanghai Composite index tumbles to three-week low, indices jump in Japan and Korea

Chinese stock markets fell sharply today, giving up their early advances as 4200 mark capped the upside. The Shanghai Composite Index (CSI) slipped around 2% to close at 4077 – testing near three-week low. CSI Semiconductor Index saw a massive tumble as markets eyed a mixed undertone in global risk sentiment. Strength in Chinese Yuan remained a key factor.

China’s central bank set the yuan’s daily reference rate against the US dollar at its strongest level in more than three years. The People’s Bank of China set the yuan’s midpoint rate, also known as the daily fixing rate, at 6.8349 to the US dollar on Thursday – the strongest showing since February 2023. Hong Kong’s Hang Seng index also lost around 1% to test around six-week low.

In other markets, South Korea's benchmark Kospi index spiked more than 8%, helped by Samsung Electronics shares after unions paused a 18-day strike impacting the group. Japan's Nikkei index closed with a gain of 3.1%. Overall, the focus stayed on US-Iran war developments and volatile crude oil prices which rose more than 2% today.

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