Market Open Tue: Hong Kong stocks, A-shares open slightly higher, yuan’s fixing cut by 98 pips, net zero injection from PBOC
STOCKS
Market Open Tue: Hong Kong stocks, A-shares open slightly higher, yuan’s fixing cut by 98 pips, net zero injection from PBOC
STOCKS

Market Open Tue: Hong Kong stocks, A-shares open slightly higher, yuan’s fixing cut by 98 pips, net zero injection from PBOC

 

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Chinese A-shares open higher, with the benchmark Shanghai Composite Index up 0.25% on Tuesday, the Shenzhen Component Index up 0.2 and the tech-heavy Chinext Price Index up 0.12%.

Oil companies, automakers, precious metal companies, aerospace and defence companies are leading the gains, while electric power equipment companies, shipping companies, compute companies and healthcare companies are underperforming.

Hong Kong stocks open slightly higher, with the benchmark Hang Seng Index up 0.19%, the Hang Seng China Enterprises index up 0.08% and the Hang Seng Tech Index up 0.43%.

Technology heavyweights are mostly higher, with Baidu, Kuaishou and Meituan up more than 1%. Automakers are rebounding are a sell-off one day earlier. Education companies, oil companies, lithium battery producers and solar power companies are trading higher. Home appliance makers and smartphone component suppliers are underperforming.

The People’s Bank of China injects 2 billion yuan liquidity to the banking system via 7-day reverse repo, while 2 billion yuan reverse repo expires, leaving a net zero injection.

The PBOC cut the yuan’s fixing by 98 pips to 6.9006 per US dollar on Tuesday, compared to a fixing of 6.8998 one day earlier.