Shanghai Composite closes at new record

Wall Street was higher in early afternoon trade on Monday. The Dow Jones Industrial Average had added 0.63 percent to 13,264.5, while the Nasdaq Composite was 0.29 percent higher to 2,518.56 and the S&P 400 was up 0.69 percent to 1,442.9. The Russell 2000 index had gained 0.06 percent to 755.84. Banks generally saw advances during the day, while mortgage lenders were mixed after one major lender filed for bankruptcy. The pharmaceutical sector saw gains on broker upgrades and some retailers were also higher.

Most equities markets in the Asia-Pacific region were, however. The main exception was the Shanghai Composite, which added 1.48 percent to 4,628.11 to reach a new record close in China. In South Korea, the Kospi index dropped 1.16 percent to 1,855.05, while Taiwan’s Taiex index fell 1.28 percent to 8,941.73 and the Sensex was 1.55 percent lower to 14,903.03 in India. Australia’s markets also saw declines, with the S&P/ASX200 down 1.67 percent to 5,920.2 and the Sydney Ordinaries 1.76 percent lower to 5,949.5. The Hong Kong Hang Seng index dropped 2.67 percent to 21,936.73, while the Straits Times index was 3.7 percent lower to 3,308.99 in Singapore for its biggest decline since the end of February. The STI has fallen 9.7 percent since July 24.

The Tokyo markets were lower as well. The Nikkei 225 was down 0.39 percent to 16,914.46 and dropped as lows as 16,675 early in the session, while the Topix index fell 0.27 percent to 1,668.04 and the Mothers market was 2.01 percent lower to 817.76. Exporters, including the electronics sector and camera makers, were lower, although carmakers were mixed on the session. Banks and brokers were lower, but the consumer finance sector saw gains.

Most European markets were lower as well, but Frankfurt’s Dax added 0.11 percent to 7,444.04 on the session. The FTSE Eurofirst 300 fell 0.85 percent to 1,504.27. The IBEX dropped 0.7 percent to 14,432.1 in Madrid, while the Paris CAC-40 was 1.16 percent lower to 5,532.99. Banks and others in financial services sectors saw gains. The pharmaceuticals sector and healthcare groups were also higher, as was the chemicals sector. The automobile manufacturing sector was mixed, while tire makers, the oil sector and chipmakers fell on the session.

In London, the FTSE 100 was 0.57 percent lower to 6,189.1 and the FTSE 250 fell 1.67 percent to 10,998.8. The construction sector, including home builders, saw gains. The tobacco sector and retailers also saw advances. Miners were down significantly, and some in the financial services sector, pubs operators and supermarket chains saw declines.

Story link: Shanghai Composite closes at new record