Left Menu
Development News Edition

Chinese market ends higher amid external uncertainties

Devdiscourse News Desk | Beijing | Updated: 16-05-2019 19:08 IST | Created: 16-05-2019 13:03 IST
Chinese market ends higher amid external uncertainties
The blue-chip CSI300 index rose 0.5%, to 3,743.96, while the Shanghai Composite Index closed up 0.6% at 2,955.71. Image Credit: Pixabay

China stocks ended higher on Thursday, extending a strong rally in the previous session, as Beijing is expected to roll out more stimulus to shore up the world's second-largest economy amid external uncertainties. ** The blue-chip CSI300 index rose 0.5%, to 3,743.96, while the Shanghai Composite Index closed up 0.6% at 2,955.71. The strength in the stock market after weak April activity data indicated that the expectations of economic data and policy support are more important than actual readings, Northeast Securities said in a note. The liquidity conditions could be loosened given the downside pressure on the economy, the brokerage added.

Shares of Huawei suppliers were dealt a heavy blow, after the Trump administration hit the Chinese telecoms giant with severe sanctions on Wednesday, adding another incendiary element to the U.S.-China trade dispute just as Treasury Secretary Steven Mnuchin said he would visit China soon for more talks. Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.12 %, while Japan's Nikkei index closed down 0.59%.

At 07:12 GMT, the yuan was quoted at 6.8772 per U.S. dollar, 0.01% weaker than the previous close. The largest percentage gainers in the main Shanghai Composite index were Beijing Jingyuntong Technology Co Ltd, up 10.14 %, followed by Xinjiang Tianfu Energy Co Ltd, gaining 10.08% and Jiangsu Yulong Steel Pipe Co Ltd, up by 10.08%. The largest percentage losers in the Shanghai index were Anhui Quanchai Engine Co Ltd down 7.72%, followed by Fujian Apex Software Co Ltd losing 6.41% and Yunnan Metropolitan Real Estate Development Co Ltd down by 5.9%.

So far this year, the Shanghai stock index is up 18.5% and the CSI300 has risen 24.4%, while China's H-share index listed in Hong Kong is up 7.3%. Shanghai stocks have declined 3.98% this month. About 24.84 billion shares were traded on the Shanghai exchange, roughly 76.0% of the market's 30-day moving average of 32.69 billion shares a day. The volume in the previous trading session was 23.05 billion. As of 07:13 GMT, China's A-shares were trading at a premium of 24.19% over the Hong Kong-listed H-shares.


TRENDING

OPINION / BLOG / INTERVIEW

‘Discounted Deaths’ and COVID 19: Anthropology of Death and Emotions

Death is a social event rather than the mere cessation of biological functions. As seen by anthropologists, death is not just physical but intensely social, cultural, and political....

Indigenous knowledge of communities a must for maximizing impact of community work

Generally, it has been observed that the majority of the academicians in higher education institutions neglect the wisdom of community people and throw their weight around thinking that they know everything and the community knows nothing. ...

In rebuking FBR, Pakistan’s courts take a stand for public health

The system, if implemented effectively, will allow Pakistans revenue service to combat the illicit trade in tobacco products and potentially add hundreds of millions of dollars to the states budget each year. ...

Dissecting how COVID-19 is catalyzing the trajectory of New World Order

The ensuing pandemic of COVID-19 has hit the globalization in two ways firstly, shrinking the importance of globalization as an economic force by curtailing mobility through worldwide lockdowns, and secondly, rejuvenating the idea of indig...

Videos

Latest News

Bank of Montreal profit slumps as credit losses loom

Bank of Montreal reported a drop of more than 50 in quarterly profit on Wednesday as it set aside more money to cover potential loan losses from the coronavirus pandemic.The lender said net income fell to C689 million 501.05 million, or C1 ...

France bans hydroxychloroquine to treat COVID-19

The French government on Wednesday canceled a decree allowing hospital doctors to administer hydroxychloroquine as a treatment to patients suffering severe forms of COVID-19, the illness caused by the new coronavirus. The announcement comes...

Senegalese tourism hot spot struggles without visitors

Lionel Lopez grimaces as he looks at the stagnant green water in the bottom of the pool at his hotel in Senegals Saloum Delta. He drained it after the global pandemic closed borders, bringing West Africas tourism industry to a standstill in...

As coronavirus 'storm cloud' gathers, black church in Missouri braces for mourning

When Traci Blackmon, the senior pastor for a predominantly black church in the suburbs of St. Louis, Missouri, is finally able to open the doors for service again, one of her main concerns is the collective sorrow her congregation will expe...

Give Feedback