China Stocks end softer

The Mainland China shares finished marginal lower after swinging between gains and losses throughout the session on Thursday, 03 December 2020, as optimism over better than expected services sector data was offset by reports that the U.S. House of Representatives passed legislation that would increase oversight of Chinese companies on U.S. exchanges.

At closing bell, the benchmark Shanghai Composite Index fell 0.21%, or 7.24 points, to 3,442.14. The Shenzhen Composite Index, which tracks stocks on China's second exchange, edged up 0.01%, or 0.13 point, to 2,290.33. The blue-chip CSI300 index was down 0.2%, or 10.08 points, to 5,057.06.

Smart logistics systems solution provider BlueSword Intelligent Technology fell 12.4%, leading the losses on the Shanghai Composite Index. Vaccine related stocks, on the other hand, gained. Chongqing Zhengchuan Pharmaceutical Packaging, which produces glass containers such as tubular injection bottles, rose by the upper limit of 10% in Shanghai.

The shares of two companies started trading on mainland bourses on Thursday. Jiangsu Xiehe Electronic, which manufactures printed circuit boards, gained 44% to 38.25 yuan a share from its listing price of 26.56 yuan in Shanghai. Zhejiang Entive Smart Kitchen Appliance, which manufactures household appliances, rose 163.2% to 64.09 yuan a share from its issue price of 24.35 yuan in Shenzhen.

ECONOMIC NEWS: China Caixin Services PMI Accelerates In November- China services sector continued to expand with a services PMI score of 57.8 in November, the latest survey from Caixin showed on Thursday. That's up from 56.8 in October, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. Individually, there was a substantial rise in business activity amid the quickest increase in new work since 2010. Employment growth was also at its strongest in 10 years, as were input costs. The survey also showed that its composite index improved to 57.5 in November from 55.7 in October.

CURRENCY NEWS: China's onshore yuan strengthened on Thursday after the central bank set a firmer midpoint for the currency's daily trading band. The People's Bank of China set the midpoint rate CNY=PBOC at 6.5592 per dollar on Thursday, its firmest level in two weeksfirmer by 0.03 from yesterday's mid-point of 6.5611.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)


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