Foreign Markets

Mainland China share market finished session sharply higher on Friday, 22 September 2023, as bargain hunting across the board on hopes of improving growth after Goldman Sachs predicting that China's recovery will gain momentum in the second half.

At close of trade, the benchmark Shanghai Composite index was up 1.55%, or 47.73 points, to 3,132.43. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 1.91%, or 35.90 points, to 1,913.53. The blue-chip CSI300 index climbed up 1.81%, or 66.49 points, to 3,738.93.

CURRENCY NEWS: China's yuan firmed against the dollar on Friday, inline with stronger mid-point fixing by the central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 7.1729 per dollar, 1 pip firmer than the previous fix of 7.173. In the spot market, the onshore yuan CNY=CFXS was changing hands at 7.3000 by midday, 66 pips firmer than the previous late session close.

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