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  • China Market falls after industrial profit growth slows
  • October 27,2020  18:00
  • The China share market finished session slight lower on Tuesday, 27 October 2020, as risk sentiments dampened after official data showed profits at China's industrial firms rose for a fifth straight month in September, but at a slower pace as factory-gate deflation and rising raw materials costs undercut a recovery in the manufacturing sector.

    The weakness in domestic market followed Wall Street sharp fall overnight as anxiety grew over new record daily COVID-19 cases in the United States and part of Europe and uncertainty about a U.S. coronavirus relief package

    At closing bell, the benchmark Shanghai Composite Index declined 0.61%, or 19.80 points, to 3,234.82. The Shenzhen Composite Index, which tracks stocks on China's second exchange, sank 2.14%, or 46.53 points, to 2,129.25. The blue-chip CSI300 index dropped 0.06%, or 2.61 points, to 4,581.98.

    Profits at Chinese industrial firms in September rose 10.1 per cent year-on-year to 646.43 billion yuan ($96.34 billion), National Bureau of Statistics (NBS) data showed on Tuesday. That marked the fifth month of profit growth, albeit slower than a 19.1 per cent increase in August. For January-September, industrial firms' profits fell 2.4 per cent on an annual basis to 4.37 trillion yuan, with the downturn easing from a 4.4 per cent decrease in the first eight months.

    CURRENCY NEWS: China's yuan firmed on Tuesday, but traded in a narrow range as market participants tread cautiously ahead of the U.S. election. Prior to the market open, the People's Bank of China set the midpoint rate CNY=PBOC at 6.6989 per dollar, the weakest since Oct. 19, and 264 pips softer than the previous fix of 6.6725. The spot market CNY=CFXS opened at 6.7040 per dollar and was changing hands at 6.7035 at midday, 83 pips firmer than the previous late session close.

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