Friday, May 24, 2024

China Market extends gain on record funds inflow

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Mainland China share market finished higher for third straight session on Thursday, 25 April 2024, as risk sentiments underpinned after strategists from global investment houses upgraded their views on Chinese shares and reports stating overseas investors purchasing a record amount of onshore shares.

Foreign investors poured money into the Chinese A-share market on Friday with the daily purchase amount via the stock connect programme hitting a record high. Traders added 22.4 billion yuan ($3.1 billion) of mainland stocks on a net basis using the links with Hong Kong on Friday.

At close of trade, the benchmark Shanghai Composite index advanced 1.17%, or 35.74 points, to 3,088.64. The Shenzhen Composite Index, which tracks stocks on China’s second exchange, added 1.78%, or 30.16 points, to 1,728.49. The blue-chip CSI300 index climbed up 1.53%, or 53.99 points, to 3,584.27.

CURRENCY NEWS: China’s yuan hovered near a five-month low against the dollar on Friday, despite firmer mid-point fixing, weighed down by rising U.S. treasury yields. Prior to the market’s opening, the People’s Bank of China set the midpoint rate at 7.1056 per U.S. dollar, firmer than the previous fix of 7.1058. The onshore yuan opened at 7.2409 per dollar and was changing hands at 7.2464 at midday, 0.09% softer than the previous late session close and 1.98% away from the midpoint.

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First Published: Apr 26 2024 | 4:17 PM IST

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