SHANGHAI, March 1st. /Then24/. Positive dynamics is observed for the second day in a row on the stock exchanges in mainland China. The main indexes rose on the basis of trading on Tuesday at the sites of Shanghai and Shenzhen, according to data from their websites.
The Shanghai Composite Index, which reflects the situation on the Shanghai Stock Exchange, rose 0.77% to 3,488.834. The SSE 50 index, which includes shares of the 50 largest and most liquid companies on this stock market (“blue chips”), rose by 1.46%. The index of the high-tech platform Star Market fell by 0.87%.
All major composite indexes went up, except for the index of basic materials, which fell by 1.02%. The biggest gains were in real estate, energy and consumer goods.
In the black closed trading and the stock exchange in Shenzhen. The Shenzhen Component, a key indicator of business activity of this trading platform, rose by 0.24% to 13,488.64. Reflecting shares of the largest companies on both exchanges, the CSI300 index rose by 0.83%.
The growth of quotations was noted against the background of the publication of data on the business activity index (PMI) of the manufacturing sector of the Chinese economy, which in February increased by 0.1 percentage points (pp) compared to January and amounted to 50.2. The index value is above the critical level of 50.0, which indicates the expansion of the manufacturing sector.
Investors also reacted positively to the signal about the start of the negotiation process between representatives of Russia and Ukraine. The conflict in Ukraine and the sanctions imposed against the Russian Federation remain in the focus of attention of market participants.
The People’s Bank of China (central bank) on Tuesday also strengthened the renminbi (the official name of the Chinese currency) by 208 basis points, to 6.3014 yuan per dollar. This is the maximum value of the exchange rate since April 20, 2018, the strengthening of the yuan is observed for the second day in a row.