Chinese Markets Rise After OPEC Deal
Chinese stocks were trading higher on Thursday, as the OPEC agreed to reduce crude production by over 3 percent. The Shanghai Composite Index gained 17 points, or 0.52 percent to 3,267.00, while the Shenzhen composite rose 0.55 percent to 549.20.
iShares FTSE/Xinhua China 25 Index (ETF) (NYSEARCA: FXI) shares rose 0.35 percent to close at $37.59 on Wednesday, while SPDR S&P China (ETF) (NYSEARCA: GXC) fell 0.16 percent to close at $76.91.
The People’s Bank of China set its yuan midpoint at 6.8865 versus the U.S. dollar, up 24 basis points versus Wednesday.
The Dow Jones Industrial Average gained 0.01 percent, to 19,123.58, the S&P500 index fell 0.27 percent to 2,198.81, and the Nasdaq Composite dropped 1.05 percent to 5,323.68.
Oil prices traded higher on Thursday, with the US WTI crude futures on the NYMEX gaining 0.57 percent to trade at $49.72 a barrel.
Top market movers among the Shanghai Composite index are as follows:
- China United Network Communications Ltd (600050: SHH) shares gained 8.6 percent to 7.23 CNY.
- China Shipbuilding Industry Co Ltd (601989: SHH) rose 7.2 percent to 7.73 CNY.
- China Petroleum & Chemical Corp (600028: SHH) shares rose 3.1 percent to 5.28 CNY.
- CRRC Corp Ltd (601766: SHH) shares dropped around 1.8 percent to 11.77 CNY.
- China Railway Group Ltd (601390: SHH) dropped 1.3 percent to 9.67 CNY.
- China State Construction Engineering Corp Ltd (601668: SHH) fell 1.2 percent to 10.88 CNY.
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