China Market end lower as gains locked in

The Mainland China share market finished session lower on Friday, 10 December 2021, as investors locked in gains from their strong rally after weaker than expected November money and credit data and uncertainty in the country’s property sector after Evergrande and Kaisa Group Holdings officially defaulted on their dollar debt.

At close of trade, the benchmark Shanghai Composite Index declined 0.18%, or 6.69 points, to 3,666.35. The Shenzhen Composite Index, which tracks stocks on China’s second exchange, added 0.14%, or 3.49 points, to 2,546.65. The blue-chip CSI300 index was down 0.46%, or 23.57 points, to 5,055.12.

CURRENCY NEWS: China’s yuan was down against the U.

S. dollar on Friday after weaker mid-point fixing by the central bank. Prior to market opening, the People’s Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3702 yuan per dollar, 204 pips softer than the previous fix of 6.3498. In the spot market, the onshore yuan CNY=CFXS was changing hands at 6.3695 at late afternoon, 4 pips weaker than the previous late session close.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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