The Mainland China share market finished session higher on Monday, 08 February 2021, as investors cheered Beijing's latest reform measures for the stock market. At closing bell, the benchmark Shanghai Composite Index advanced 1.03%, or 36.11 points, to 3,532.45. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 1.21%, or 28.26 points, to 2,360.78. The blue-chip CSI300 index rose 1.48%, or 81.15 points, to 5,564.56. Chinese financial markets will shut for the week-long holiday from Thursday.
The China Securities Regulatory Commission (CSRC) on Friday approved the merger of Shenzhen Stock Exchange's main board with the SME board. The move is aimed at simplifying the structure of trading at the bourse.
The SME board was created in 2004 to help small companies raise funds. According to the CSRC, the combined new main board will complement the start-up ChiNext board. As of last Friday, the SME board was home to 1,001 companies with a total market capitalisation of 13.7 trillion yuan (US$2.1 trillion), while 468 companies traded on the main board and were valued at 9.7 trillion yuan on aggregate.
Four companies began trading on Monday, with bio-engineering product manufacturer Beijing Kawin Technology Share-Holding gained 121.3 per cent to 42 yuan while dairy producer Zhe Jiang Li Zi Yuan Food rose 44 per cent to 28.86 yuan. Zhuzhou Huarui Precision Cutting Tools rose 132.4 per cent to 86.20 yuan. In Shenzhen, Hengda New Materials Fujian, which manufactures metalworking machinery equipment, soared 380.8 per cent to 141.60 yuan.
CURRENCY NEWS: China's yuan was up against the dollar on Monday, inline with firmer mid-point fixing by the central bank and broadly weaker U. S. dollar in global markets. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.4678 per dollar, 32 pips or 0.05% firmer than the previous fix of 6.471.
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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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