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Closing Bell (June 18, 2020)

By:

Sales Trader, International Business Division

MARKET

In the PM session, both indexes continued the morning trend, with Shanghai Index stopped slightly above Wednesday level, and Shenzhen Index jumped. Till market closed, Coal and Electronic led the gain. Medical and National Defense led the fall. In total, both markets traded 758.57 billion RMB, up 2.67% dod.

OpenClose% Change(bn yuan)
Shanghai2929.882939.320.12289.37
Shenzhen11416.0811494.550.65469.21
CSI 3004009.784044.380.67210.19
ChiNext2266.882266.030.09168.13
SectorTop 1Led byTop 2Led by
Upward-leadingCoal600397Electronic300207
Downward-leadingMedical600812National Defense000687

NEWS

*JD.com Bumps Up in Hong Kong Trading Debut

JD.com’s Hong Kong shares jumped nearly 6% when the trading day began, but settled down after that and were up around 4% midway through the trading day. The company raised $3.84 billion in the listing, making it the largest for Hong Kong this year.

*TikTok Copycat Zynn Removed from App Stores

Zynn, a video sharing app funded by Kuaishou, was removed from Apple’s App Store earlier this week, just days after its disappearance from the Google Play Store, amid accusations that it had been stealing content from similar apps, according to U.S. tech news provider TechCrunch. Beijing-based Kuaishou is a major rival to TikTok owner ByteDance in China.

*China Signals Further Reserve Ratio Cut to Spur Bank Lending

China’s cabinet signaled that the central bank will act to make more liquidity available to banks so they can lend more, including by cutting the amount of money they have to keep in reserve.

FUND FLOW

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