The Mainland China market closed session slightly lower after fluctuating in and out of boundary line on Thursday, 12 May 2022, as investors risk sentiments remain subdued amid tightening Covid rules and extended lockdowns.
At close of trade, the benchmark Shanghai Composite Index dropped 0.12%, or 3.71 points, to 3,054.99. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.16%, or 3.14 points, to 1,921.66. The blue-chip CSI300 index fell 0.44%, or 17.68 points, to 3,958.74.
CURRENCY NEWS: China's yuan softened to lowest level in more than 19 months against greenback on Thursday as expectations of aggressive U.S. policy tightening and a flight to safety lifted the dollar, while prolonged COVID lockdowns hobbled the Chinese economy. Before the market open, the PBOC set the yuan's daily midpoint rate CNY=PBOC at 6.7292 per dollar, weakest since Oct. 16, 2020. Onshore spot yuan CNY=CFXS opened at 6.7355 per dollar and slipped as low as 6.7919 per dollar, its weakest level since Sept. 30, 2020.
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