Market Overview

China Markets Edge Higher; Yuan Down Against Dollar

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Chinese stocks were trading slightly higher on Thursday. The Shanghai Composite Index gained 7.93 points, or 0.24 percent to 3,249.07, while the Shenzhen composite rose 0.27 percent to 550.98.

iShares FTSE/Xinhua China 25 Index (ETF) (NYSEARCA: FXI) shares fell 0.38 percent to close at $36.74 on Wednesday, while SPDR S&P China (ETF) (NYSEARCA: GXC) dropped 0.47 percent to close at $75.70.

The People’s Bank of China set its yuan midpoint at 6.9085 versus the U.S. dollar, 0.26 per cent down versus Wednesday. Onshore yuan was trading at 6.9196 against the dollar in Shanghai.

The Dow Jones Industrial Average gained 0.31 percent, to 19,083.18, the S&P500 index rose 0.08 percent to 2,204.72, and the Nasdaq Composite dropped 0.11 percent to 5,380.68.

Oil prices traded higher on Thursday, with the US WTI crude futures on the NYMEX gaining 0.06 percent to trade at $47.99 a barrel.

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

  • Inner Mongolia Yili Industrial Group Co Ltd (600887: SHH) shares gained 5.3 percent to 18.76 CNY.
  • SAIC Motor Corp Ltd (600104: SHH) rose 3.4 percent to 24.46 CNY.
  • China Northern Rare Earth Group High-Tech Co Ltd (600111: SHH) shares rose 1.5 percent to 13.40 CNY.

 

  • CRRC Corp Ltd (601766: SHH) shares dropped around 1.7 percent to 10.30 CNY.
  • China Shipbuilding Industry Co Ltd (601989: SHH) dropped 1.3 percent to 6.87 CNY.
  • China Railway Group Ltd (601390: SHH) fell 1.2 percent to 9.19 CNY.

Posted-In: Chinese stocks Shanghai Composite Index Shenzhen composite yuanNews Forex Global Markets

 

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