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Budget News

  • China Market gains 0.94%
  • December 03,2021  17:34
  • The Mainland China share market finished session higher on Friday, 03 December 2021, as risk sentiments underpinned after reports that overseas investors were heavy net buyers of A-shares and better than expected Caixin China General Services PMI data for November.

    At close of trade, the benchmark Shanghai Composite Index advanced 0.94%, or 33.60 points, to 3,607.43. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.71%, or 17.93 points, to 2,526.38. The blue-chip CSI300 index was up 0.92%, or 44.86 points, to 4,901.02. For the week, the Shanghai Composite Index added 1.2%.

    Overseas investors were heavy net buyers of A-shares on Friday, with Refinitiv data showing inflows of more than 13.5 billion yuan through the Northbound legs of the Stock Connect programme.

    ECONOMIC NEWS: China's services sector expanded at a slower pace in November amid rising inflationary pressures and continuing small-scale COVID-19 outbreaks. The Caixin China General Services PMI continued to expand in November, albeit at a slower pace with a PMI score of 52.1, down from 53.8 in October, although it did manage to remain above the 50-threshold indicating expansion.

    CURRENCY NEWS: China's yuan strengthened against the U.S. dollar on Friday, despite weaker mid-point fixing. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3738 per dollar, 0.03% weaker than the previous fix of 6.3738. In the spot market, the onshore yuan CNY=CFXS was changing hands at 6.3718 at late afternoon, 0.09% firmer than the previous late session close.

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