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December 3, 2020

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Index pares gains after scaling record

By Tracy Li | 00:00 UTC+8 December 3, 2020 | Print Edition

China’s stock market posted mixed results yesterday, with the benchmark Shanghai Composite Index down 0.07 percent to close at 3,449.38 points after hitting a record high in intraday trading.

A-shares opened slightly higher after US stocks advanced overnight. In early trading, the Shanghai Composite Index hit a record high of 3,465 as pro-cyclicals such as finance, real estate and coal strengthened.

The smaller Shenzhen Component Index edged up 0.22 percent to finish at 13,961.58, while the ChiNext Index lost 0.57 percent to end its trading day at 2,682.97 points.

Combined turnover on the two bourses came to 880.9 billion yuan (US$134.3 billion), compared to 864.9 billion yuan in the previous session.

However, in the afternoon, brokerage and banking sectors weakened, and more than half of all sectors recorded losses, with automakers, textile and nonferrous metals firms taking some of the biggest hits.

Most Asia-Pacific banks will probably see a reduction in ratings downgrade risks in 2021 as gathering economic recoveries support revenue prospects, according to Fitch Ratings.

Nevertheless, asset quality will continue to deteriorate in many markets, putting pressure on profitability, the rating agency added.

Global wealth manager UBS predicts the price of gold will rise in the first quarter of 2021 but may reach a peak shortly afterward, suggesting investors are diversifying their holdings into the precious metal as well as emerging-market currencies to cope with the risk of a falling US dollar.

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