Market Commentary - Foreign Markets
China Market ends 0.76% lower As on : 11-Jun-24  14:47

Mainland China share market finished session lower in post-holiday trading on Tuesday, 11 June 2024, as weak travel spending and renewed concern over the property sector weighed on sentiment, with shares in consumer staples and the non-ferrous metal companies leading declines. Mainland China market closed on Monday for Dragon Boat Festival.

Market participants also awaited China's May credit lending data this week to gauge the health of the broad economy.

At close of trade, the benchmark Shanghai Composite index declined 0.76%, or 23.23 points, to 3,0268.05. The Shenzhen Composite Index, which tracks stocks on China's second exchange, was up 0.29%, or 4.83 points, to 1,684.15. The blue-chip CSI300 index decreased by 0.87%, or 31.23 points, to 3,542.88.

CURRENCY NEWS: China?s yuan eased to a near seven-month low against the dollar on Tuesday, as softer official guidance rate set by country's central bank. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.1135 per dollar, 29 pips weaker than the previous fix of 7.1106. In the spot market, the onshore yuan CNY=CFXS yuan opened at 7.2502 per dollar and was changing hands at 7.2528 at midday.

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