China Stocks fall on Export-Import Contraction and Fresh Covid Outbreaks

By IndraStra Global News Team

Shanghai Stock Exchange 钉钉
Cover Image Attribute: The file photo of Shanghai Stock Exchange /Source: 钉钉, Wikimedia Commons

China's stock market had a sharp decline on Tuesday, November 8, 2022, ending a two-day winning streak, as data revealed that Chinese exports and imports had unexpectedly decreased in October. This was the first simultaneous slump since May 2020. 

According to data released by the General Administration of Customs (中华人民共和国海关总署) on Monday, China's exports fell by 0.3% compared to the same month a year earlier. This marked a significant reversal from September, when it increased by 5.7%. On the other hand, following September's 0.3% increase, October saw imports fall by 0.7%. Nevertheless, the overall trade figures resulted in a trade surplus of $85.15 billion, somewhat higher than the trade surplus of $84.74 billion recorded in September.

The benchmark Shanghai Composite Index was down 0.43%, or 13.32 points, as trading came to a close and stood at 3,064.49. At a value of 2,019.81, the Shenzhen Composite Index, which follows the equities traded on China's second market, decreased by 0.4%, or 8.05 points. The CSI300 index of blue-chip companies fell 0.69%, equivalent to 25.97 points, to 3,749.33.

Also, risk-averse feelings were exacerbated after news that COVID-19 cases in the country climbed at the most significant rate since April. The latest official data released on Tuesday showed that the number of COVID infections has significantly increased in Guangzhou and other major cities in China.

On the currency front, the value of the Chinese yuan decreased versus the dollar on Monday, even though China's central bank fixed the midpoint at a higher level. The People's Bank of China (PBOC) established the midpoint rate CNY=PBOC at 7.215 per dollar before opening the market on Monday. This rate is more stable than the previous fix, which was 7.2292 per dollar. As a result, at midday on the spot market, the yuan was trading at 7.2381 dollars per one and was 0.1% weaker than it had been when the previous late session had ended.

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IndraStra Global: China Stocks fall on Export-Import Contraction and Fresh Covid Outbreaks
China Stocks fall on Export-Import Contraction and Fresh Covid Outbreaks
By IndraStra Global News Team
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