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China Market tumbles as STAR technology board debutante soars
22-Jul-19   15:23 Hrs IST
The Mainland China equity market closed steep lower on Monday, 22 July 2019, as active buying in new Nasdaq-style technology board STAR market drained liquidity from existing equities. At closing bell, the benchmark Shanghai Composite Index dropped 1.27%, or 37.23 points, to 2,886.97. The Shenzhen Composite Index, which tracks stocks on China's second exchange, shrank 1.78%, or 27.84 points, to 1,532.43. The blue-chip CSI300 index slipped 0.7%, or 26.28 points, to 3,781.68.

The active buying in the Science and Technology Innovation Board, also known as the STAR market weighed on the broader market as it drained liquidity from existing equities.

The Star Market started trading in Shanghai on Monday, as shares of the first batch of 25 companies surged following a massive oversubscription prior to their public debut. The turnover of the 25 debutantes of the new STAR technology board topped 48.5 billion yuan (US$7 billion) in the first day of trading, making up one ninth of the overall transaction in China's A shares. Anji Microelectronics Technology (688019 SH), a manufacturer of semiconductor materials, led the gains with a 400% gain from its initial offering price. Harbin Xinguang Optic-Electronics Technology (688011 SH), the worst-performing among the stocks, jumped 84% from its offering price.

CURRENCY NEWS: China yuan appreciated against greenback on Monday, despite weaker midpoint fixing by central bank, as investors hoped that some encouraging signals will be followed by progress in Sino-U.S. trade negotiations. They welcomed Chinese companies' willingness to make new purchases of U.S. agricultural products as a gesture of goodwill between the world's two largest economies to end the year-long trade war. Prior to market opening on Monday, the People's Bank of China set the yuan's midpoint rate at 6.8759 per dollar, 124 pips or 0.18 percent weaker than the previous fix of 6.8635. In the spot market, yuan was changing hands at 6.8759 per, 0.03% firmer than the previous day close of 6.881 per dollar.

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