Market Commentary - Foreign Markets
China Market ends lower As on : 22-May-24  15:48

Mainland China share market finished session edged higher on Wednesday, 22 May 2024, as buoyant mood fuelled by Beijing latest property rescue package has cooled this week.

Beijing announced historic steps on last 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 edged up 0.02%, or 0.62 points, to 3,310.99. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.24%, or 4.19 points, to 1,784.69. The blue-chip CSI300 index rose 0.23%, or 8.29 points, to 3,684.45.

CURRENCY NEWS: China's yuan appreciated against a greenback on Wednesday, as the country's central bank set the official guidance rate at the weakest level in nearly three months and the greenback held firm. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.1077 per U.S. dollar, 0.01% weaker than the previous fix of 7.1069. In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.2393 at midday, 0.02% weaker than the previous late session close.

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