Mainland China share market finished session mixed on Monday, 29 May 2023, as risk sentiments weighed down on concerns over slowing economic recovery after official data signals industrial profit slumped in the first four months of 2023. Also weighing sentiments was worried about an escalating Sino-U.S. dispute over technology.
At close of trade, the benchmark Shanghai Composite index advanced 0.28%, or 8.94 points, to 3,221.45. The Shenzhen Composite Index, which tracks stocks on China's second exchange, was down 0.51%, or 10.34 points, to 2,002.15. The blue-chip CSI300 index declined 0.44%, or 17.01 points, to 3,833.94.
ECONOMIC NEWS: Profits of China's major industrial firms declined 20.6 percent year on year from January to April, data from the National Bureau of Statistics (NBS) showed Saturday. Industrial firms each with an annual main business revenue of at least 20 million yuan ($2.83 million) saw their combined profits reach 2.03 trillion yuan in the period, the NBS said.
CURRENCY NEWS: China's yuan hovered around a six-month low against the dollar on Monday, despite stronger official guidance fixing. Prior to market opening, the People's Bank of China set the midpoint rate CNY=PBOC at 7.0575 per dollar, 185 pips or 0.26% firmer than the previous fix of 7.076. In the spot market, the yuan CNY=CFXS was changing hands at 7.0683 at midday, 58 pips weaker than the previous late session close.
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