Market Commentary - Foreign Markets
China Stocks end lower As on : 28-May-24  16:08

Mainland China share market finished session lower after erasing earlier gains on Tuesday, 28 May 2024, as profit taking resumed late afternoon amid caution over effectiveness of China's latest housing policy and ahead of key inflation data from major economies this week.

Mainland market rose in early trade as the Shanghai lowering down-payment ratios and the minimum mortgage threshold as part of measures to boost the property market, after the country lowered the national level in a market stabilising effort earlier this month.

At close of trade, the benchmark Shanghai Composite index was down 0.46%, or 14.47 points, to 3,109.57. The Shenzhen Composite which tracks stocks on China's second exchange, dropped 1.06%, or 18.91 points, to 1,728.93. The blue-chip CSI300 index declined 0.73%, or 26.54 points, to 3,609.17.

CURRENCY NEWS: China's yuan edged down against the dollar on Tuesday, as softer mid-point rate fixing by the central bank. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.1101 per U.S. dollar, 0.01% weaker than the previous fix of 7.1091. In the spot market, the onshore yuan opened at 7.2425 per dollar and was changing hands at 7.2461 at midday, 11 pips weaker from the previous late session close.

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