single

Headline indices of the Mainland China equity market closed marginal lower on Monday, 08 April 2019, as investors booked profit following more than 5 percent gains last week, but hopes that Beijing's policy will bolster growth curbed losses. At closing bell, the benchmark Shanghai Composite Index edged lower 0.05%, or 1.76 points, to 3,244.81. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.55%, or 9.82 points, to 1,770.20. The blue-chip CSI300 index dropped 0.12%, or 5 points, to 4,057.23. The Mainland China equity market closed on last Friday, 05 April 2019, for the Ching Ming Festival holiday.

In an effort to support the economy, China will step up its policy of targeted cuts to banks' required reserve ratios to encourage financing for small and medium-sized businesses that play a key role in economic growth.

On US-China trade front, U.S. and Chinese negotiators wrapped up their latest round of trade talks on Friday and were scheduled to resume discussions next week to try to secure a pact that would end a tariff war that has roiled global markets. As per reports, U.S. and Chinese officials were said to have discussed draft agreement text on contentious issues such as technology transfer, protection of intellectual property rights, and the bilateral trade balance, among others.

President Donald Trump's top economic adviser says the U.S. and China are “closer and closer” to a trade deal, and that top-tier officials would be talking again this week via “a lot of teleconferencing.” High-level U.S. and Chinese officials met on the heels of discussions in Beijing the previous week. Chinese negotiators, led by Vice Premier Liu He, and their U.S. counterparts discussed the text of an agreement regarding technology transfers, intellectual property protections, non-tariff measures, services, agriculture, trade balance and enforcement. The White House released a statement Friday evening saying that “significant work remains, and the principals, deputy ministers, and delegation members will be in continuous contact to resolve outstanding issues.”

CURRENCY NEWS: China's yuan was little changed against the U.S. dollar on Friday, as optimism over Sino-U.S. trade negotiations was offset by broad dollar strength following solid U.S. job data. Prior to market opening on Monday, the People's Bank of China (PBOC) set the midpoint rate at 6.7201, weaker than the previous fix of 6.7055. In the spot market, the onshore yuan opened at 6.7120 per dollar and was changing hands at 6.7179, only 1 pip away from the previous late session close.

TAGS

0 thoughts on “China Market end softer on profit-taking”

Post Comment



  Market Tips

Intraday trading is an art of earning money from stock market and it requires a lot of patience and time to allocate in the daily schedule.


View My Stats