China Market gains on easing COVID curbs

Mainland China share market closed higher on Tuesday, 07 June 2022, on the back of gains in consumer stocks on hopes of a demand recovery as Beijing further eased COVID-19 curbs.

At close of trade, the benchmark Shanghai Composite Index increased by 0.17%, or 5.39 points, to 3,241.76. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 0.05%, or 0.97 point, to 2,072.58. The blue-chip CSI300 index grew 0.31%, or 13.05 points, to 4,179.13.

In the latest sign of easing curbs in the capital Beijing, the Universal Beijing Resort said it would reopen on June 15 after being closed more than a month to comply with China's COVID-19 prevention measures.

Liquor makers added 1.9% on hopes that an easing of COVID-19 curbs will lead to a recovery in consumption, with index heavyweight Kweichow Moutai Co up 1.7%.

CURRENCY NEWS: China's yuan softened against the U.S. dollar on Tuesday, despite firmer mid-point fixing by central bank, pressured by broad strength in the greenback. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.6649 per dollar, 42 pips firmer than the previous fix 6.6691. Spot market CNY=CFXS was changing hands at 6.6650 by midday, 106 pips weaker than the previous late session close.

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