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China Stocks gain on Sino-U.S. trade talks
(17:08, 10 Jun 2021)
The Mainland China share market finished session higher on Thursday, 10 June 2021, on easing concerns over policy tightening after central bank governor statement that inflation is basically under control, and monetary policy would be kept steady. Meanwhile, sentiments was also lifted up by Chinese and U.S. commerce officials agreeing to promote healthy trade and cooperate over differences during discussions by telephone.

At closing bell, the benchmark Shanghai Composite Index advanced 0.54%, or 19.46 points, to 3,610.86. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 1.09%, or 26.04 points, to 2,422.58. The blue-chip CSI300 index added 0.67%, or 35.01 points, to 5,271.46.

The best performing sectors in the Shanghai Stock Exchange were New Energy Power (up 19.2%), Air Freight (up 10%), Marine (up 7.1%), New Energy Equipment (up 5.6%), and Soft Drinks (up 5.1%), while the worst performing sectors were Property & Casualty Insurance (down 4.8%), Fishery Products (down 3.5%), Yellow Wine (down 3.2%), Specialized Finance (down 3%), and Shoes (down 2.7%).

The best performing sectors in the Shenzhen Stock Exchange were Industrial Conglomerates (up 9.2%), IT Outsourcing Services (up 8.7%), New Energy Equipment (up 5%), Software Development (up 5%), and Automobile (up 4.8%), while the worst performing sectors were Household Products (down 4.6%), Soft Drinks (down 3.9%), Consumer Finance (down 3.3%), Education Services (down 2.9%), and Specialized Consumer Services (down 2.8%).

Market sentiments got a boost after Commerce Minister Wang Wentao and his US counterpart Gina Raimondo “had a candid and pragmatic exchange of views on relevant issues and mutual concerns in the China-US business field.

Shares of Chinese companies, which have business cooperation with TikTok, climbed after U.S. President Joe Biden withdrew a series of Trump-era executive orders that sought to ban new downloads of WeChat and TikTok.

Shares of property developers fell after the country's top banking and insurance regulator warned of bubbles in the real-estate sector.

CURRENCY NEWS: China yuan was up against the dollar on Thursday, despite softer mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3972 per dollar, 0.03% softer than the previous fix of 6.3956. In the spot market, onshore yuan CNY=CFXS was changing hands at 6.3854 at around late afternoon, 0.2% stronger than the previous late session close at 6.3865.

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