The Mainland China share market finished session in negative territory on Thursday, 12 August 2021, amid concerns over coronavirus Delta-variant infections, with decline in stocks related to beverage makers, medical care, and real estate companies offset gains in shares of automakers, non-ferrous metal, semi-conductor, lithium battery makers, and new energy vehicle manufacturers.
At closing bell, the benchmark Shanghai Composite Index fell 0.22%, or 7.88 points, to 3,524.74. The Shenzhen Composite Index, which tracks stocks on China's second exchange, declined 0.35%, or 8.66 points, to 2,478.34. The blue-chip CSI300 index was down 0.84%, or 41.99 points, to 4,973.35.
Market sentiments were subdued as the People's Bank of China highlighted policy stability in its second quarter monetary policy report and dampened market expectations for aggressive monetary easing including interest rate cuts.
CURRENCY NEWS: China yuan recovered against the dollar on Thursday after firmer mid-point fixing by central bank.
Prior to market opening, the People's Bank of China set the midpoint rate at 6.4754 per dollar, 77 pips or 0.12% firmer than the previous fix of 6.4831. In the spot market, onshore yuan opened at 6.4760 per dollar and was changing hands at 6.4752 at midday, 38 pips firmer than the previous late session close.
China's central bank conducted 10 billion yuan (1.54 billion U. S. dollars) of reverse repos on Thursday to maintain reasonably ample liquidity in the banking system. The interest rate for the seven-day reverse repos was set at 2.2 percent, according to a statement on the website of the People's Bank of China.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU