Market Overview

China Markets Open Lower After Italian Vote Result


Chinese stocks were trading lower on Monday, as Italian Prime Minister Matteo Renzi vowed to resign after a defeat in a referendum on constitutional reforms. The Shanghai Composite Index dropped 41.4 points, or 1.28 percent to 3,202.47, while the Shenzhen composite fell 1 percent to 536.60.

iShares FTSE/Xinhua China 25 Index (ETF) (NYSEARCA: FXI) shares fell 0.74 percent to close at $37.31 on Friday, while SPDR S&P China (ETF) (NYSEARCA: GXC) fell 0.60 percent to close at $75.96.

The People’s Bank of China set its yuan midpoint at 6.8870 versus the U.S. dollar, compared to 6.8794 last Friday.

The Dow Jones Industrial Average dropped 0.11 percent, to 19,170.42, the S&P500 index rose 0.04 percent to 2,191.95, and the Nasdaq Composite gained 0.09 percent to 5,255.65.

Oil prices traded lower on Monday, with the US WTI crude futures on the NYMEX dropping 0.87 percent to trade at $51.23 a barrel.

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

  • China Shipbuilding Industry Co Ltd (601989: SHH) shares gained 2.2 percent to 7.60 CNY.
  • China Railway Group Ltd (601390: SHH) shares dropped around 6.6 percent to 9.30 CNY.
  • Inner Mongolia Yili Industrial Group Co Ltd (600887: SHH) dropped 6.4 percent to 18.00 CNY.
  • China State Construction Engineering Corp Ltd (601668: SHH) fell 5.9 percent to 9.77 CNY.
  • CRRC Corp Ltd (9601766: SHH) dropped 5.3 percent to 10.72 CNY.
  • CITIC Securities Co Ltd (600030: SHH) fell 3.5 percent to 16.75 CNY.

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Posted-In: Chinese stocks Italian Prime Minister Matteo Renzi Shanghai Composite Index Shenzhen compositeNews Forex Global Markets