China Stock Markets Drop On Trump Lead

Chinese stocks were trading lower on Wednesday, as Donald Trump has gained momentum towards a U.S. Presidential victory. The Shanghai Composite Index dropped 41.7 points, or 1.32 percent to 3,106.23.

In the spot market, the Chinese yuan was trading at 6.7846 yuan versus the U.S. dollar, up 127 pips compared to the prior late session close.

U.S. stocks closed higher overnight. The Dow Jones Industrial Average surged 0.40 percent, to 18,332.74, the S&P500 index gained 0.38 percent to 2,139.56, and the Nasdaq Composite climbed 0.53 percent to 5,193.49.

Oil prices traded lower on Wednesday, with the US WTI crude futures on the NYMEX declining 3.13 percent to trade at $43.57 a barrel.

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

• China State Construction Engineering Corp Ltd (601668: SHH) shares gained 0.3 percent to 7.88 CNY.
• China Railway Group Ltd (601390: SHH) shares dropped around 3.1 percent to 8.49 CNY.
• China United Network Communications Ltd (600050: SHH) dropped 3 percent to 5.15 CNY.
• China Shipbuilding Industry Co Ltd (601989: SHH) fell 2.8 percent to 6.37 CNY.
• CITIC Securities Co Ltd (600030: SHH) declined 2.2 percent to 16.58 CNY.
• SAIC Motor Corp Ltd (600104: SHH) fell 1.8 percent to 23.18 CNY.