Market Commentary - Foreign Markets
China Market ends 0.42% lower As on : 21-May-24  15:07

Mainland China share market finished session lower on Tuesday, 21 May 2024, dragged down by cyclical shares, as Beijing's measures to lift the country's struggling property sector announced last week failed to boost sentiment.

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 down 0.42%, or 13.18 points, to 3,157.97. The Shenzhen Composite Index, which tracks stocks on China's second exchange, declined 0.75%, or 13.48 points, to 1,780.50. The blue-chip CSI300 index sank 0.4%, or 14.80 points, to 3,676.16.

CURRENCY NEWS: China's yuan slightly depreciated against a greenback on Tuesday. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.1069 per dollar, 0.04% weaker than the previous fix of 7.1069. In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.2360 at midday, 18 pips weaker than the previous late session close and 1.82% away from the midpoint.

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