Mainland China share market finished session slightly higher on Tuesday, 30 May 2023, as risk sentiments remained muted amid worsening geopolitical tensions with US and on caution ahead of May's manufacturing PMI data due on Wednesday
At close of trade, the benchmark Shanghai Composite index advanced marginally 0.09%, or 2.77 points, to 3,224.21. The Shenzhen Composite Index, which tracks stocks on China's second exchange, was up 0.49%, or 9.84 points, to 2,011.99. The blue-chip CSI300 index rose 0.1%, or 3.81 points, to 3,837.75.
Tensions between the world's two largest economies continued, wit latest reports stated that China has declined a request by the United States for a meeting between their defense chiefs at an annual security forum in Singapore this weekend.
CURRENCY NEWS: China's yuan weakened to nearly six-month low against the dollar on Tuesday, inline with softer official guidance fixing. Prior to market opening, the People's Bank of China set the midpoint rate CNY=PBOC at 7.0818 per U.S. dollar, weaker than the previous 7.0575 fix and the weakest level in nearly six months. In the spot market, the yuan CNY=CFXS was changing hands at 7.0924 at midday, 218 pips weaker than the previous late session close and 0.15% weaker than the midpoint.
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