Market Commentary - Foreign Markets
China Market ends higher after Beijing measures to revive property sector As on : 20-May-24  16:06

Mainland China share market finished session higher on Monday, 20 May 2024 thanks to government stimulus measures announced last week to support the country's struggling property market and boost home sales in the coming weeks.

Beijing announced historic steps on Friday to stabilise its crisis-hit property sector, with the central bank facilitating 1 trillion yuan ($138.30 billion) in extra funding and easing mortgage rules, and local governments set to buy some apartments.

At close of trade, the benchmark Shanghai Composite index was up 0.54%, or 17.12 points, to 3,171.15. The Shenzhen Composite Index, which tracks stocks on China's second exchange, advanced 0.47%, or 8.39 points, to 1,793.98. The blue-chip CSI300 index rose 0.35%, or 12.99 points, to 3,690.96.

CURRENCY NEWS: China's yuan slightly depreciated against a greenback on Monday, on optimism around Chinese economic recovery after China announced new measures last week to stabilize the property sector. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.1042 per dollar, 3 pips firmer than the previous fix of 7.1045. In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.2307 at midday, 53 pips softer than the previous late session close.

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