Market Overview

China Markets Decline; Yuan Down Versus Dollar

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Chinese stocks were trading lower on Thursday. The Shanghai Composite Index dropped 9.7 points, or 0.30 percent to 3,195.38, while the Shenzhen Composite fell 0.37 percent to 546.54.

The central parity rate of the Chinese yuan dropped 100 basis points to 6.8692 versus the U.S. dollar on Thursday. The ICE Dollar Index declined 0.2 percent to 100.23.

iShares FTSE/Xinhua China 25 Index (ETF) (NYSEARCA: FXI) shares dropped 1.19 percent to close at $35.83 on Wednesday, while SPDR S&P China (ETF) (NYSEARCA: GXC) fell 0.85 percent to close at $74.52.

The Dow Jones Industrial Average dropped 0.29 percent, to 18,868.14, the S&P500 index fell 0.16 percent to 2,176.94, and the Nasdaq Composite climbed 0.36 percent to 5,294.58.

Oil prices traded lower on Thursday, with the US WTI crude futures on the NYMEX dropping 0.30 percent to trade at $45.96 a barrel.

Top market movers among the Shanghai Composite index are as follows:

  • China United Network Communications Ltd (600050: SHH) shares gained 1.6 percent to 5.80 CNY.
  • China State Construction Engineering Corp Ltd (601668: SHH) rose 0.8 percent to 7.87 CNY.
  • China Shipbuilding Industry Co Ltd (601989: SHH) shares rose 0.6 percent to 6.77 CNY.

 

  • CRRC Corp Ltd (601766: SHH) shares dropped around 1.5 percent to 9.78 CNY.
  • Inner Mongolia BaoTou Steel Union Co Ltd (600010: SHH) dropped 1 percent to 2.97 CNY.
  • China Railway Group Ltd (601390: SHH) fell 1 percent to 9.28 CNY.

Posted-In: Chinese stocks Shanghai Composite Index ShenzhenNews Forex Global Markets

 

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