The Mainland China share market finished session higher on Thursday, 05 November 2020, mirroring firm Wall Street overnight cues as U. S. Democrat candidate Joe Biden inched closer to a win in the U. S. presidential election, who is seen as favouring a less confrontational approach than President Donald Trump in Sino-U. S. relations.
At closing bell, the benchmark Shanghai Composite Index advanced 1.3%, or 42.69 points, to 3,320.13. The Shenzhen Composite Index, which tracks stocks on China's second exchange, advanced 1.67%, or 37.74 points, to 2,299.87. The blue-chip CSI300 index added 1.48%, or 71.45 points, to 4,885.11.
New energy shares and Apple suppliers also gained on expectations of easing Sino-U.
S. tensions and hopes that a Biden White House would invest more in renewable energy. Wisesoft, a Chinese software maker, sank 2.9% to 16.73 yuan in Shenzhen, reversing much of the 6.4% rally on Wednesday. The firm's name in Chinese is associated with a Trump win. Liquor distiller Wuliangye Yibin gained 2.5% to 259.41 yuan, taking its market cap slightly past 1 trillion yuan (US$150.6 billion) for the first time. The stock was the first one to surpass the trillion-yuan market on the Shenzhen bourse.
CURRENCY NEWS: The yuan ended the domestic trading session at a 28-month high on Thursday as growing prospects of a Joe Biden presidency in the United States raised investor expectations of a less problematic trade relationship between the world's two largest economies. Prior to market opening, the People's Bank of China set the midpoint rate CNY=PBOC at 6.6895 per dollar, 124 pips or 0.19% weaker than the previous fix of 6.6771. The onshore spot yuan CNY=CFXS finished domestic trading session at 6.64 per dollar, its strongest such close since July 10, 2018.
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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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