Mainland China share market finished session lower on Monday, 27 March 2023, extending Friday's losses, mid concerns about the strength of China's economic recovery after data showed a sharp decline in China's industrial profits for the first two months this year from a year ago, as the factory sector struggles to claw its way out of the slump caused by COVID-related disruptions. At close of trade, the benchmark Shanghai Composite Index was down 0.44%, or 14.26 points, to 3,251.40. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.11%, or 2.40 points, to 2,119.18. The blue-chip CSI300 index fell 0.36%, or 14.57 points, to 4,012.48. ECONOMIC NEWS: The decline in China's industrial profits deepened in the first two months of 2023 on weaker demand and falling prices, official data showed Monday. Industrial profits plunged 22.9% on a yearly basis in January to February period, the National Bureau of Statistics reported. The decrease followed a 4% contraction in the full year of 2022. In February, factory gate prices slid 1.4% on a yearly basis after a 0.8% drop in January. Falling producer prices continue to weigh on both revenues and profits of factories. CURRENCY NEWS: China's yuan declined against the dollar on Monday, inline with softer mid-point fixing by China's central bank. Prior to market opening, the People's Bank of China set the midpoint rate CNY=PBOC at 6.8714 per dollar, weaker than the previous fix of 6.8374.. In the spot market, the yuan CNY=CFXS was changing hands at 6.8784 at midday, 105 pips weaker than the previous late session close and 0.10% away from the midpoint.