China Stocks Tumble; Shanghai Composite Index Down Over 2%

Chinese stocks were trading lower on Monday. The Shanghai Composite Index dropped 67.6 points, or 2.09 percent to 3,165.29, while the Shenzhen composite fell 2.9 percent to 523.32.

iShares FTSE/Xinhua China 25 Index (ETF) FXI shares fell 0.58 percent to close at $37.47 on Friday, while SPDR S&P China (ETF) GXC declined 0.60 percent to close at $76.31.

The People’s Bank of China set its yuan midpoint at 6.9086 versus the U.S. dollar, down versus the previous fix of 6.8972. Yuan was trading at 6.9092 per U.S. dollar in the spot market, down 91 pips compared to the previous session close.

The Dow Jones Industrial Average gained 0.72 percent, to 19,756.85, the S&P500 index rose 0.59 percent to 2,259.53, and the Nasdaq Composite gained 0.50 percent to 5,444.50.

Oil prices traded higher on Monday, with the US WTI crude futures on the NYMEX gaining 4.70 percent to trade at $53.92 a barrel.

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

• China Petroleum & Chemical Corp (600028: SHH)shares gained 1.3 percent to 5.48 CNY.
• PetroChina Co Ltd (601857: SHH) rose 0.2 percent to 7.66 CNY.
• Industrial Bank Co Ltd (601166: SHH)shares rose 0.2 percent to 17.22 CNY.

• China State Construction Engineering Corp Ltd (601668: SHH) shares dropped around 7.1 percent to 9.39 CNY.
• CRRC Corp Ltd (601766: SHH) dropped 6.1 percent to 9.91 CNY.
• China Railway Group Ltd (601390: SHH) fell 5 percent to 8.66 CNY.