The Mainland China share market finished session down on Thursday, 03 March 2022, after a survey showed service sector activity in February had expanded at the slowest pace in six months.
At close of trade, the benchmark Shanghai Composite Index was down 0.09%, or 3.08 points, to 3,481.11. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.83%, or 19.10 points, to 2,294.08.
The blue-chip CSI300 index sank 0.59%, or 26.97 points, to 4,551.63.
Shares of realty companies gained after the chairman of China's banking and insurance regulator said the trend of property bubbles in China had been reversed.
Coal shares rose amid surging prices following Russia's invasion of Ukraine and an announcement by the Zhengzhou Commodity Exchange on Wednesday to raise thermal coal margin requirement.
ECONOMIC NEWS: The Caixin/Markit services Purchasing Managers' Index dropped to 50.2 in February, from 51.4 in January, as the sprawling industry reels from the government's tough containment measures to stop the spread of local COVID-19 outbreaks.
CURRENCY NEWS: China's yuan appreciated against the dollar on Thursday after firmer mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3016 per dollar, 335 pips or 0.53% firmer than the previous fix 6.3351. Spot yuan CNY=CFXS was changing hands at 6.3183 at midday, 27 pips firmer than the previous late session close.
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