China stocks have been reported to be showing steady values as the stock market closed for the Christmas holiday. Although trading resumes for China tomorrow, Tokyo stocks are currently rising in early trading.
According to the report, the China market posted small gains as the stock market opened today. The Shanghai Composite Index garnered a 0.1 percent to 2,983.71 at the start of trading while the Shenzhen Component Index gained about 0.2 percent. The ChiNext Index, on the other hand, started up with an increase of 0.1 percent as well showing that China stocks are stabilizing before the year ends.
It was also revealed that China's state asset authority plans on rolling out a three-year plan by 2020 to modify state-owned enterprises (SOEs) to aid these firms to increase their competitiveness in the market. Before the imposition would take effect, the report indicated that there would be a new metrics standard to be imposed which shall evaluate the profitability of SOEs and their investments in R&D.
The chairman of the State-owned Assets Supervision and Administration Commission Hao Peng said that the new standard would focus on merging Chinese companies in select industries operating within petrochemicals and equipment manufacturing. He also added that the SEOs would be more proactive in managing their companies where they have stakes in.
China's technology capital Shenzhen launched an index tracking that would assess the stocks of 50 companies listed on the Shenzhen Stock Exchange (SSE) operating within the blockchain industry.
It was also mentioned that as of this morning, overnight markets and forecasts of China stocks presumed that China A50 futures would increase by 0.1 percent. According to the initial public offering (IPO), industrial gas producer Huangdong Huate Gas would start trading in Shanghai when the market opens as well.
In other news, Nasdaq reported that renminbi or CNY officially closed at 6.989 per dollar while FTSE China A50 decreased by 0.5 percent yesterday. However, after recent corporate and policy announcements for China were reported, US President Donald Trump announced that he and China's President Xi Jinping would sign the China trade deal soon. The said signing was perceived by analysts to kick off higher stock values for China upon its official signing.
It was also revealed that China would decrease the risks in the rental housing market. According to recent data, China's rare earth magnet exports to the US initially decreased in November. However, the soybean exports from the US would rise after the announcement that there would be lower import rates imposed on cargoes after December 15, 2019. It was also announced that Saudi crude oil imports to China also reached a new record high by Christmas day.
