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EQUITY - MARKET SCREENER

China Socks tumble on rising bond yields, high valuation concerns
08-Mar-21   17:25 Hrs IST
The Mainland China share market dropped further on Monday, 08 March 2021, as risk aversion selloff continued on concerns that policy makers in Beijing will take more action to rein in debt and prevent asset bubbles from forming. Meanwhile selloff fuelled further after the country's foreign minister made ominous comments about the self-ruled island of Taiwan and concerned that the U.S. Senate's passage of a $1.9 trillion stimulus bill package will lead to higher bond yields by fueling expectations of an economic recovery and inflation.

At closing bell, the benchmark Shanghai Composite Index tumbled 2.3%, or 80.57 points, to 3,421.41. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 3.24%, or 74.52 points, to 2,224.08. The blue-chip CSI300 index fell 3.47%, or 182.78 points, to 5,080.02.

Top Chinese financial regulators recently warned about the risk of asset bubbles forming in domestic real-estate prices and global financial markets. Last week, Chinese leaders also indicated they could renew their focus on curbing debt levels now that the economy is on firmer footing.

CURRENCY NEWS: China's central bank set firmer official yuan midpoint on Monday. The People's Bank of China (PBOC) set the midpoint CNY=PBOC at 6.4795 yuan per dollar prior to the market open, 0.17%, stronger than the previous fix of 6.4904. By midday, yuan was changing hands at 6.5103 per US dollar, 138 pips weaker than the previous late session close.

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