Mainland China share market finished session lower on Tuesday, 06 June 2023, extending yesterday losses, due to lingering Sino-U.S. tensions and on caution ahead of key economic data for more clues on the pace of the country's economic recovery. However, market losses capped after reports that the Chinese government was working on a raft of property stimulus measures to boost the ailing property sector.
At close of trade, the benchmark Shanghai Composite index stumbled 1.15%, or 37.10 points, to 3,195.34. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 1.73%, or 35.08 points, to 1,998.62. The blue-chip CSI300 index declined 0.94%, or 36.09 points, to 3,808.16.
Investors are closely watching the May export and import data slated for Wednesday. The upcoming economic data, including the consumer inflation data due out on Friday, is closely watched as they may provide the reason for more policy support from the central bank.
CURRENCY NEWS: China's yuan depreciated against the dollar on Tuesday, as softer official guidance fixing. Prior to market opening, the People's Bank of China set the midpoint rate CNY=PBOC at 7.1075 per U.S. dollar, weaker than the previous fix 7.0904. In the spot market, the yuan CNY=CFXS was changing hands at 7.1084 at midday, 75 pips weaker than the previous late session close and 0.01% weaker than the midpoint.
Powered by Capital Market - Live News