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Home > News > Global News

  • China Market tumbles 2.43%
  • April 25,2019  15:36
  • Headline indices of the Mainland China equity market closed steep lower on Thursday, 25 April 2019, as risk off selloff triggered amid market concern over China central bank's shift away from further broad easing moves. Meanwhile, selloff fueled after latest exchange data revealed net outflows recorded through the stock connect in Hong Kong for three consecutive days. Wednesday, the latest data available from the Hong Kong stock exchange, disclosed that a net outflow of 3.525 billion yuan was recorded from both Shanghai and Shenzhen northbound. At closing bell, the benchmark Shanghai Composite Index dropped 2.43%, or 77.79 points, to 3,123.83. The Shenzhen Composite Index, which tracks stocks on China's second exchange, sank 3.41%, or 59.63 points, to 1,688.25. The blue-chip CSI300 index shed 2.2%, or 88.27 points, to 3,941.82.

    Their declines came amid net outflows recorded through the stock connect in Hong Kong for three consecutive days. Wednesday, the latest data available from the Hong Kong stock exchange, disclosed that a net outflow of 3.525 billion yuan was recorded from both Shanghai and Shenzhen northbound.

    Shares of alcoholic beverages fared poorly despite reports that China's liquor industry profit jumped 24% amid economic slowdown. More than 2,500 Chinese liquor manufacturers saw their combined profit jump 24% in 2018, as a surge in baijiu sales offset a decline in wine consumption, according to data from industry group China Alcoholic Drinks Association. That profit jump far exceeded the 7% profit growth for all the Chinese companies listed on the A share market. Total profit for these liquor manufacturers reached 147.65 billion yuan in 2018. Sales also increased 10% to 821.3 billion yuan. Among all types of alcoholic beverages, baijiu, the fiery Chinese spirit, saw its profit up the most. The figure rose 30% to 125.05 billion yuan, making up 85% of the overall industry's profit. But the wine sector fared poorly. Wine production dropped 7.4% to 629.1 million liters. Revenue and profit also decreased, both down 9.5% to 28.85 billion yuan and 3.063 billion yuan, respectively. Other alcoholic beverages struggled as well. Beer production merely increased 0.5% to 38.12 billion liters, while its profit rose 5.6% to 12.2 billion yuan. The revenue of Huangjiu -- literally yellow wine -- increased 5.4% to 16.7 billion yuan, while profit declined 7.2% to 1.72 billion yuan. Chinese liquor king Kweichow Moutai (600519 CH) reported a 32% jump in net income to 11.2 billion yuan in the first quarter. It was up 64.4% for the year as of Wednesday's close, though it was down today by 1.24% to 958 yuan.

    Lakala Payment (300773 CH), one of the country's earliest online payment providers backed by Legend Holdings, hit its first trading day limit of 44%. Its price rose to 47.92 yuan from its issue price of 33.28 yuan. A total of 1.64 million yuan worth of stocks changed hands. The company was founded in 2005 and provides online payment services to retail customers and sells point-of-sale machines to retail businesses.

    CURRENCY NEWS: China's yuan was down against the U.S. dollar on Thursday, as soft mid-point fixing by central bank. Prior to market opening on Thursday, the People's Bank of China (PBOC) lowered its official yuan midpoint to 6.7307 per dollar, about 102 bps or 0.15% weaker than the previous fix of 6.7205, and the softest since March 29. In the spot market, onshore yuan fell to a low of 6.7360 at one point from an open at 6.7330 per dollar, hitting its weakest level since March 29. As of midday, the onshore spot yuan was changing hands at 6.7290, 70 bps weaker than the previous late session close but 0.03% firmer than the midpoint.

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