SINGAPORE: Chinese stock markets fell on Wednesday, with shares in energy companies leading losses as they tracked the fall in oil prices, while slightly slimmer chances of Republican candidate Donald Trump winning the US presidency helped exporters’ shares.
China stocks wobble near 7-month low
At the midday break, the Shanghai Composite index was down 0.92% at 2,718.85 points.
China’s blue-chip CSI300 index was down 0.43%, with its financial sector sub-index lower by 1.12%, and the oil and gas industry sub-index shedding 2.6%. The electric vehicle index rose 2.7%.
Betting markets shortened odds of Democrat Kamala Harris winning the US presidency following a combative televised debate, and traders sold dollars and bought yuan with the risk of punitive tariffs on Chinese goods seen slightly reduced.
Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.29% while Japan’s Nikkei index was down 1.56%.
The yuan was quoted at 7.1131 per US dollar, 0.1% firmer than the previous close of 7.12.
Oil has dropped below $70 a barrel and to near three-year lows.
Chinese H-shares listed in Hong Kong fell 1.46% to 5,938.54, while the Hang Seng Index was down 1.4% at 16,992.42 and the sub-index tracking energy shares dipped 4.7%.
A weak consumption outlook left Li Ning Co Ltd down 6% and PetroChina Co Ltd, down by 4.4%, among the biggest losers in Hong Kong.
The top gainers among H-shares were Haier Smart Home Co Ltd, up 2.63%, followed by electric vehicle makers Xpeng Inc, up 2.27%, and BYD Co Ltd, up 1.61%.
The largest percentage gainer in the main Shanghai Composite index was Jinzhou Yongshan Lithium Co Ltd, up 10% as lithium producers were bought on an unconfirmed report of battery-maker CATL suspending some mining.
So far this year, the Shanghai stock index is down 8.6% and the CSI300 has fallen 7.3%, while China’s H-share index listed in Hong Kong is up 2.9%.
Source: Brecorder
