China Socks gain on buyback

March 03,2021

The Mainland China share market finished session higher on Wednesday, 03 March 2021, as market participants started purchases on dips and buybacks on hopes of domestic economic growth and bullishness ahead of the annual gathering of the National People's Congress (NPC) conference in Beijing which starts on Friday.

At closing bell, the benchmark Shanghai Composite Index surged 1.95%, or 68.31 points, to 3,576.91. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 1.3%, or 30.35 points, to 2,363.11. The blue-chip CSI300 index advanced 1.92%, or 102.56 points, to 5,452.21.

China's top banking watchdog said on Tuesday regulators were studying effective measures to reduce the risk of foreign capital inflows. The remark is interpreted by some as pointing to Beijing's little willingness to lift interest rates, a move that could invite more inflows.

ECONOMIC NEWS: China Caixin Services PMI Stays in Expansion in February- China services sector continued to expand with a PMI score of 51.5 in February, albeit at a slower pace, the latest survey from Caixin showed on Wednesday. That's down from 52.0 in January, although it remains above the boom-or-bust line of 50 that separates expansion from contraction. Service providers indicated that business activity rose in line with new work. Total new orders increased modestly overall, with the rate of growth likewise easing to a ten-month low. While a number of firms commented on firmer client demand, there were reports that the recent resurgence of COVID-19 cases globally had dampened sales growth. Although employment fell, there seemed little pressure on operating capacities in February. The survey also showed that the composite index fell from 52.2 in January to 51.7 in February.

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