Mainland China share market finished session higher on Monday, 15 April 2024, bucking the regional markets trend, as investors interpreted the new guidelines on the country’s capital market as a positive signal for the stock market.
At close of trade, the benchmark Shanghai Composite index was up 1.26%, or 37.91 points, to 3,057.38. The Shenzhen Composite Index, which tracks stocks on China’s second exchange, dropped 0.29%, or 5.04 points, to 1,702.68. The blue-chip CSI300 index rebounded 2.11%, or 73.24 points, to 3,549.08.
The sentiment was uplifted after the China’s securities regulator issued draft rules on Friday to strengthen the supervision of company listings, delistings and computer-driven programme trading, in a move to improve the stock market and protect investors’ interests. The regulator will also set up a “comprehensive” system that will punish those involved in anti-counterfeiting within the capital market and will crack down on illegal shareholding reductions.
Earlier in the day, the central bank kept a key policy interest rate steady as widely expected when rolling over maturing medium-term loans, and drained some cash from the banking system through the bond instrument.
CURRENCY NEWS: China’s yuan declined to 5-month low against the dollar on Monday. Prior to the market’s opening, the People’s Bank of China set the midpoint rate at 7.0979 per U.S. dollar, weaker by 0.02% from previous day fixing of 7.0967. In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.2382 at midday, around 0.01% weaker from the previous day late session close of 7.2372.
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First Published: Apr 15 2024 | 2:56 PM IST
