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  • China Market extends gains
  • August 03,2020  16:59
  • The China share market finished session higher on Monday, 03 August 2020, as risk appetite buying boosted up after private survey released Monday showed China's manufacturing activity expanded in July.

    At closing bell, the benchmark Shanghai Composite Index added 1.75%, or 57.96 points, to 3,367.97. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 2.6%, or 58.57 points, to 2,315.44. The blue-chip CSI300 index grew 1.62%, or 76.26 points, to 4,771.31.

    Chinese shares rallied after survey results from IHS Markit showed the country's manufacturing sector expanded at the fastest pace since early 2011. Supporting the higher PMI figure was a steeper increase in production across Chinese manufacturing firms. Output expanded for the fifth month in a row, and at the fastest rate for nine-and-a-half years, with many companies citing greater client demand.

    ECONOMIC NEWS: China Caixin Manufacturing Sector Expands Further In July-- China manufacturing sector continued to expand in July with a manufacturing PMI score of 52.8, the latest survey from Caixin revealed on Monday, up sharply from 51.2 in June. Supporting the higher PMI figure was a steeper increase in production across Chinese manufacturing firms. Output expanded for the fifth month in a row, and at the fastest rate for nine-and-a-half years, with many companies citing greater client demand amid a further recovery in market conditions following the COVID-19 outbreak. Moreover, new business expanded at a solid pace that was the steepest since the start of 2011.

    CURRENCY NEWS: The yuan was steady on Monday, as investors kept a wary eye over tensions between Beijing and Washington. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at one-week low of 6.998 per dollar, 132 pips or 0.19% weaker than the previous fix of 6.9848. In the spot market, the onshore yuan CNY=CFXS opened at 6.9791 per dollar and was changing hands at 6.9743 at midday, only 2 pips firmer than the previous late session close.

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