August 06, 2024 at 03:43 am EDT
(MT Newswires) -- Chinese shares rebounded, snapping a three-day loss, as the Asian equities sprang back following a global sell-off.
The Shanghai Composite Index rose 0.2%, or 6.59 points, to close Tuesday's trade at 2,867.28. The Shenzhen Component Index edged up 0.8%, or 68.81 points, to 8,463.86.
The Asian markets bounced back after investors panicked days ago over the possibility of a recession in the US, following a surge in unemployment. Sentiment also soured over the Federal Reserve's slow response to hints of the country's economic downturn.
Although China's equities were affected, Tommy Xie, head of OCBC Bank's Greater China Research & Strategy told media outlet Think China in a Tuesday report that the decline in the Chinese stock market is relatively smaller. Xie added that market sentiments were eased as the renminbi appreciated by more than 1% since the start of this month.
In corporate news, Youcare Pharmaceutical Group (SHA:688658) jumped 4.8% at the close after receiving the US Food and Drug Administration's approval to trial YKYY 015 injection, which was developed by unit Hangzhou Tianlong Pharmaceutical, as a treatment for primary hypercholesterolemia or mixed hyperlipidemia.

Sumber : MT Newswires