China Stocks extends losses on COVID-19 woes

The mainland Chinese equity market ended its session lower on Tuesday, March 29, 2022, as the risk aversion sell-off continued amid concerns over disruptions to business operations and the impact on growth. economic after China’s financial hub of Shanghai tightened the first phase of a two-stage program on Tuesday. Containment linked to covid19.

However, market losses were capped as officials expected authorities to announce measures to support growth after reports that the central bank may cut banks’ reserve requirements to support credit expansion. and support economic growth.

At the close of trade, the benchmark Shanghai Composite fell 0.33%, or 10.56 points, to 3,203.94. The Shenzhen Composite Index, which tracks shares of China’s second largest stock exchange, fell 0.57%, or 12.03 points, to 2,084.47. The blue-chip CSI300 index fell 0.35%, or 14.33 points, to 4,134.14.

Investors are cautious about the pressure on economic growth from the continued spread of the resurgence of Covid and the stringent measures that may follow to contain the virus.

Shanghai, China’s financial hub, tightened the first phase of a two-stage COVID-19 lockdown on Tuesday, asking some residents to stay indoors unless tested amid daily case counts exceeded 4,400.

CURRENCY NEWS: The Chinese Yuan gained against the US Dollar after a firmer midpoint fixation by the central bank. Prior to the market open, the People’s Bank of China (PBOC) set the midpoint CNY=PBOC rate at 6.364 per dollar, 92 pips higher than the previous fix of 6.3732. In the spot market, the CNY=CFXS yuan was trading at 6.3699 at midday, 21 pips higher than the previous late-trading 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 endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received 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 bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor

About Troy McMiller

Check Also

Wall Street rallies for its best week since June on rate hopes

NEW YORK (AP) — Wall Street racked up more gains Friday on its massive one-day …