China Market gains 1.42%
10-Jun-22   17:17 Hrs IST
Mainland China share market finished session notably higher on Friday, 10 June 2022, after Chinese inflation data for May came in largely in line with expectations.

However, market gains capped amid uncertainty around COVID-19 cases in Shanghai and worries over monetary policy divergence with other major economies. Shanghai will conduct another round of mass COVID-19 testings for residents this weekend, just 10 days after a city-wide lockdown was lifted, unsettling residents and raising concerns about the impact on business.

At close of trade, the benchmark Shanghai Composite Index increased by 1.42%, or 45.88 points, to 3,284.83. The Shenzhen Composite Index, which tracks stocks on China's second exchange, grew 1.94%, or 39.61 points, to 2,085.31. The blue-chip CSI300 index grew 1.52%, or 63.32 points, to 4,238.99.

ECONOMIC NEWS: The Chinese producer price index for May jumped 6.4% as compared with a year earlier, according to data by the country's Bureau of Statistics.

CURRENCY NEWS: China's yuan was steady against the U.S. dollar on Thursday. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at a one-week low of 6.6994 per dollar, 183 pips weaker than the previous fix 6.6811. In the spot market, the onshore yuan CNY=CFXS opened at 6.6899 per dollar and was changing hands at 6.6910 at midday, 10 pips firmer than the previous late session close.

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