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China's Shanghai Index Down Ahead Of Key OPEC Meeting

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Chinese stocks were trading lower on Wednesday, ahead of the OPEC meeting in Vienna. The Shanghai Composite Index dropped 32.4 points, or 0.99 percent to 3,250.54, while the Shenzhen composite fell 0.44 percent to 546.14.

iShares FTSE/Xinhua China 25 Index (ETF) (NYSEARCA: FXI) shares rose 0.62 percent to close at $37.46 on Tuesday, while SPDR S&P China (ETF) (NYSEARCA: GXC) gained 0.57 percent to close at $77.03.

The People’s Bank of China set its yuan midpoint at 6.8889 versus the U.S. dollar, up 0.03 percent versus Tuesday. Onshore yuan in Shanghai was trading at 6.8837 against the dollar, 0.14 percent higher versus Tuesday’s close.

The U.S. economy expanded at an annual rate of 3.2 percent in the third quarter. The Dow Jones Industrial Average gained 0.12 percent, to 19,121.60, the S&P500 index rose 0.13 percent to 2,204.66, and the Nasdaq Composite climbed 0.21 percent to 5,379.92.

Oil prices traded lower on Wednesday, with the US WTI crude futures on the NYMEX gaining 0.69 percent to trade at $45.54 a barrel.

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

  • China United Network Communications Ltd (600050: SHH) shares gained 9.1 percent to 6.71 CNY.
  • Inner Mongolia Yili Industrial Group Co Ltd (600887: SHH) shares dropped around 3.8 percent to 19.34 CNY.
  • China Railway Group Ltd (601390: SHH) dropped 3.7 percent to 9.86 CNY.
  • China Shipbuilding Industry Co Ltd (601989: SHH) fell 2.1 percent to 7.16 CNY.
  • China Northern Rare Earth Group High-Tech Co Ltd (600111: SHH) declined 2 percent to 13.00 CNY.
  • PetroChina Co Ltd (601857: SHH) shares slipped 2 percent to 7.62 CNY.

Posted-In: Chinese stocks OPEC Meeting Shanghai Composite Index Shenzhen compositeNews Forex Markets

 

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