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Foreign Markets
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China Stocks mixed on Sino-U.S. tensions
(18:38, 04 Jun 2020)
The Mainland China share market finished mixed after pared early gains on Thursday, 04 June 2020. The mixed closing was due to renewed concerns about China-US tensions after the US government on Wednesday barred Chinese passenger carriers from flying into the United States starting on June 16.

At closing bell, the benchmark Shanghai Composite Index declined 0.14%, or 4.12 points, to 2,919.25. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.28%, or 5.16 points, to 1,852.54. The blue-chip CSI300 index was tad 0.04%, or 1.46 points, down at 3,982.19.

U.S. President Donald Trump's administration on Wednesday barred Chinese passenger carriers from flying to the U.S. starting on June 16, while the Civil Aviation Administration of China (CAAC) allowed more qualifying foreign carriers to fly into the mainland on Thursday. The U.S. is also expected to designate at least four additional state-run Chinese media outlets as foreign embassies, increasing restrictions on their operations on American soil.

Stocks related to street vending businesses extended gains after the government vowed to support such businesses amid efforts to reboot economic growth and ensure employment. Shares of Zhejiang China Commodities City Group Co., Ltd. surged by the daily 10% limit to 5.06 yuan per share, while that of Maoye Commercial Co. also jumped by the daily limit to 5.45 yuan.

The alcohol-making sector posted strong performance, with shares of Beijing Yanjing Brewery Co., Ltd. surging by the daily limit of 10% to end at 7.15 yuan per share.

Companies in the ship making sector led the losses. Shares of CSSC Offshore & Marine Engineering (Group) Company Limited fell 3.89% to 16.78 yuan.

CURRENCY NEWS: The yuan weakened against the dollar on Friday, despite firmer mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 7.1012 per dollar, 62 pips firmer than the previous fix. Onshore yuan CNY=CFXS opened at 7.1180 per dollar and was changing hands at 7.1260 at midday, 94 pips weaker than the previous late session close.

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