Mainland China share market finished session in the negative territory on Monday, 25 September 2023, as risk sentiment dampened amid ongoing challenges in China's property sector and on caution ahead of a week-long National Day holiday that begins on Friday.
At close of trade, the benchmark Shanghai Composite index was down 0.54%, or 16.82 points, to 3,115.61. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.47%, or 8.97 points, to 1,904.57. The blue-chip CSI300 index decreased by 0.65%, or 24.33 points, to 3,714.60.
The world's second-largest economy saw a sell-off in property stocks on Monday after China Evergrande Group said it was unable to issue new debt amid an investigation into its unit Hengda Real Estate Group regarding suspected violation over the disclosure of information.
CURRENCY NEWS: China's yuan was softer against the dollar on Monday despite stronger mid-point fixing by the central bank, pressured by broad dollar strength in global markets. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 7.1727 per dollar, 2 pips firmer than the previous fix of 7.1729, the strongest since Aug. 14. In the spot market, the onshore yuan CNY=CFXS was changing hands at 7.3057 at midday, 77 pips weaker than the previous late session close.
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