Mainland China share market finished session higher on Monday, 18 September 2023, as risk sentiments underpinned amid signs of stabilisation in the worlds second-largest economy after economic data on Friday showed Chinas factory output and retail sales grew at a faster pace in August.
However, market gains capped amid lingering worries about slump in the property sector despite a recent flurry of support measures.
At close of trade, the benchmark Shanghai Composite index was up 0.26%, or 8.19 points, to 3,125.93. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 0.54%, or 10.37 points, to 1,921.48. The blue-chip CSI300 index advanced by 0.51%, or 18.93 points, to 3,724.71.
CURRENCY NEWS: Chinas yuan was lower against the dollar on Monday, despite stronger mid-point fixing by the central bank, pressured by corporate demand for the greenback. Prior to market opening, the Peoples Bank of China (PBOC) set the midpoint rate CNY=PBOC at 7.1736 per dollar, 50 pips firmer than the previous fix at 7.1786. In the spot market, the onshore yuan CNY=CFXS was changing hands at 7.2861 at midday, 101 pips weaker than the previous late session close.
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