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  • China Market extends losses

    25-May-2023 | 15:11

    Mainland China share market finished session lower on Thursday, 25 May 2023, as traders risk off selling continued amid concerns over an escalating Sino-U.S. dispute over technology and worries that Chinas post-COVID economic recovery was losing steam.

    At close of trade, the benchmark Shanghai Composite index declined 0.11%, or 3.49 points, to 3,20.26. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, dropped by 0.17%, or 3.35 points, to 2,006.13. The blue-chip CSI300 index decreased by 0.22%, or 8.59 points, to 3,850.50.

    Market participants opted for safe heaven assets amid lingering worries of the worlds largest economy facing a debt default has risen, with ratings agency Fitch putting the United States credit on watch for a possible downgrade.

    Also, U.S. lawmaker urged earlier this week to the U.S. Commerce Department to put trade curbs on Chinese memory chip maker Changxin Memory Technologies after Beijings ban on the sale of some chips by U.S.-based Micron Technology Inc. Adding to the gloom, Japan plans to tighten controls on semiconductor exports to China.

    CURRENCY NEWS: Chinas yuan depreciated to near six-month lows against the dollar on Thursday, despite stronger official guidance fixing. Prior to market opening, the Peoples Bank of China set the midpoint rate CNY=PBOC at 7.0529 per U.S. dollar, firmer than the previous fix 7.056. In the spot market, the yuan CNY=CFXS was changing hands at 7.0724 at midday, 119 pips weaker than the previous late session close and 0.28% weaker the midpoint.

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