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China Shanghai Composite tumbles 1.46%

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Mainland China shares market finished session steep lower on Friday, 02 February 2024, amid ongoing economic uncertainties after latest data indicated continued weakness in the manufacturing sector, with shares in healthcare, information technology, semiconductors and new energy companies leading losses.
At close of trade, the benchmark Shanghai Composite index stumbled 1.46%, or 40.59 points, to 2,730.15. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 3%, or 46.05 points, to 1,491.70. The blue-chip CSI300 index declined 1.18%, or 38.08 points, to 3,179.63.
Mainland China shares fell to new five-year lows on Friday, as investors sentiments dented after an official survey by the government showed that factory activity in the country remained in negative territory in January, weighed down by a renewed drop in new orders and a slowdown in output growth. Meanwhile, selloff pressure exacerbated by a private survey by S&P Global and Caixin Insight Group, which suggested that manufacturing activity in China remained steady in January.
CURRENCY NEWS: China's yuan was tad softer against the dollar on Friday, despite stronger mid-point fixing by the central bank, as rising seasonal demand for the greenback. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.1006 per dollar, 43 pips firmer than the previous fix of 7.1049. In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.1802 at midday, 3 pips softer than the previous late session close.
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First Published: Feb 02 2024 | 4:19 PM IST

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