China Market ends lower; Realty, insurers lead losses
The Mainland China share market finished session slight lower on Wednesday, 25 November 2021, as losses in property developers, insurers, and automobiles stocks offset gains in semiconductors stocks. At close of trade, the benchmark Shanghai Composite Index dropped 0.24%, or 8.52 points, to 3,584.18. The Shenzhen Composite Index, which tracks stocks on China’s second exchange, fell 0.33%, or 8.25 points, to 2,512.22. The blue-chip CSI300 index was down 0.41%, or 20.22 points, to 4,896.44.
Shares of realty and insurers declined after reports that Chinese regulators will look into investment activities of insurers which were beyond the allowed investment scope, including those invested into commercial real estates projects, and into unlisted property developers.
Shares of semiconductors companies rose after the U.
S. government put some Chinese chipmakers on its trade blacklist, strengthening investors’ belief China will offer more support to the industry.
CURRENCY NEWS: China’s yuan strengthened against the U. S. dollar on Thursday, despite softer mid-point fixing, as continued year-end corporate demand. Prior to market opening, the People’s Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3980 per dollar, 77 pips weaker than the previous fix of 6.3903. In the spot market, the onshore yuan CNY=CFXS was changing hands at 6.3882 at midday, 39 pips firmer than the previous late session close.
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