Monday, 30 November 2015

Chinese stocks open higher after Friday's sharp slide

Chinese equities opened higher on Monday, following their worst weekly performance last week since August. Elsewhere, other Asian equities traded mostly in the red, on the back of a mixed close from Wall Street last week. 

 US stocks closed mixed on Friday due to a 3 percent decline in oil prices. Oil tumbled USD 1.33, or 3.09 percent, to USD 41.71 a barrel as the dollar index, which hit a fresh eight-month high, added additional pressure to an oversupplied market. The Dow Jones Industrial Average closed 15 points, or 0.08 percent, lower at 17,798.5 while the S&P 500 was up by 1.24 points, or 0.06 percent, to 2,090. The Nasdaq was up 11.4 points, or 0.22 percent, at 5,128. 

Chinese stocks back in the green 

The Shanghai Composite was back in positive territory in early morning trade, up 8 points, or 0.22 percent, at 3,444 although the limited gains suggest investors continue to remain concerned over the ongoing investigations of Chinese brokerages by regulators. Last week, the China Securities and Regulatory Commission formally launched investigations into brokerages to weed out short selling and speculation.

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