Mainland China share market finished higher on Monday, 29 April 2024, registering fourth day of consecutive gains, after strategists from global investment houses upgraded their views on Chinese shares. Market gains were led by shares in financial, consumer staples, real estate, and healthcare sectors. However, market gains capped as a fall in March industrial profits raised doubts about the strength of the recovery in the world's second-biggest economy.
At close of trade, the benchmark Shanghai Composite index advanced 0.79%, or 24.41 points, to 3,113.04. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 2.31%, or 39.95 points, to 1,768.95. The blue-chip CSI300 index climbed up 1.11%, or 39.64 points, to 3,623.91.
Shares of real estate developers advanced amid speculation that more stimulus measures are likely to be unveiled this week aimed at clearing inventory, boosting sales and lifting home purchase restrictions.
CURRENCY NEWS: China's yuan hovered near a five-month low against the dollar on Monday, as the central bank set mid-point rate at the weakest level in two months. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.1066 per dollar, the weakest level since February 28, and 0.01% down from previous day mid-point rate of 7.1056. The onshore yuan opened at 7.2400 per dollar and was changing hands at 7.2468 at midday, 3 pips softer than the previous late session close.
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