Market Overview

China Markets Edge Higher; Yuan Gains Against Dollar

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Chinese stocks were trading slightly higher on Tuesday. The Shanghai Composite Index gained 2.7 points, or 0.08 percent to 3,207.37, while the Shenzhen composite rose 0.4 percent to 537.86.

iShares FTSE/Xinhua China 25 Index (ETF) (NYSEARCA: FXI) shares fell 0.13 percent to close at $37.26 on Monday, while SPDR S&P China (ETF) (NYSEARCA: GXC) fell 0.18 percent to close at $75.82.

The People’s Bank of China set its yuan midpoint at 6.8575 versus the U.S. dollar, compared to 6.8870 on Monday. Onshore yuan in Shanghai was trading at 6.8648 versus the U.S. dollar, up 0.24 percent from Monday’s close.

The Dow Jones Industrial Average gained 0.24 percent, to 19,216.24, the S&P500 index rose 0.58 percent to 2,204.71, and the Nasdaq Composite gained 1.01 percent to 5,308.89.

Oil prices traded lower on Tuesday, with the US WTI crude futures on the NYMEX dropping 0.89 percent to trade at $51.33 a barrel.

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

  • China Shipbuilding Industry Co Ltd (601989: SHH) shares gained 2.1 percent to 7.52 CNY.
  • Kweichow Moutai Co Ltd (600519: SHH) rose 1.6 percent to 320.93 CNY.
  • Inner Mongolia Yili Industrial Group Co Ltd (600887: SHH) shares rose 1.6 percent to 18.31 CNY.

 

  • China United Network Communications Ltd (600050: SHH) shares dropped around 2.4 percent to 6.62 CNY.
  • Shanghai International Port Group Co Ltd (600018: SHH) dropped 0.8 percent to 5.28 CNY.
  • China State Construction Engineering Corp Ltd (601668: SHH) fell 0.6 percent to 9.38 CNY.

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

 

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