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.
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