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  • China Market falls 0.27%

    22-Sep-2022 | 17:13

    Mainland China share market finished session lower on Thursday, 22 September 2022, on tracking weak lead from Wall Street overnight triggered by the US Federal Reserves decision to deliver another substantial interest rate hike to tame inflation. Meanwhile, selloff pressure fueled further on lingering concerns over the economic impact of Chinas zero-COVID policy.

    At close of trade, the benchmark Shanghai Composite Index declined 0.27%, or 8.27 points, to 3,108.91. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, fell 0.62%, or 12.46 points, to 1,991.85. The blue-chip CSI300 index decreased by 0.88%, or 34.39 points, to 3,869.34.

    CURRENCY NEWS: Chinas yuan softened against the dollar on thursday, after weaker official midpoint fixings. Prior to market opening, the Peoples Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.9798 per dollar, 262 pips or 0.38% weaker than the previous fix of 6.9536, the softest since Aug. 4, 2020. In the spot market, the onshore yuan CNY=CFXS opened at 7.0801 per dollar and fell a low of 7.0954, the weakest level since June 17, 2020. It traded at 7.0891 by midday, 414 pips softer than the previous late session close.

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