Foreign Markets

Mainland China share market finished session lower on Friday, 19 April 2024, on tracking regional peers selloff after reports of an Israeli attack on Iran. Also weighing sentiments was reports stating the world's second-biggest economy losing the effectiveness of its fiscal stimulus.

The latest geopolitical developments prompted concerns over a widening of the Israel-Hamas war in Gaza to include other countries in the Middle East. As per reports, Israel launched missiles at Iran in retaliation for an April 13 attack on Israel that was in response to an alleged Israeli assault that killed Iranian military leaders on April 1.

S&P Global Ratings said that investment after the introduction of economic policies weakened as the property sector continued to slow down.

At close of trade, the benchmark Shanghai Composite index was down 0.29%, or 8.96 points, to 3,065.26. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.73%, or 12.36 points, to 1,686.57. The blue-chip CSI300 index declined 0.79%, or 28.14 points, to 3,541.66.

CURRENCY NEWS: China's yuan declined to 5-month low against the dollar on Friday. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.1046 per dollar, weaker than the previous fix of 7.102. The onshore yuan opened at 7.2391 per dollar and was changing hands at 7.2426 around late afternoon on Friday, 44 pips weaker than the previous late session close.

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