Chinese Stock Markets Slump Amid Energy Sector Decline

Chinese stock markets declined on Wednesday with energy company shares leading the losses due to falling oil prices. The Shanghai Composite index fell by 0.82% while Hong Kong's Hang Seng dropped 0.7%. The odds of a Kamala Harris U.S. presidency shortened, influencing yuan and dollar trading.

Chinese stock markets experienced a downturn on Wednesday, primarily driven by declines in the energy sector following a dip in oil prices. Energy companies led the losses, overshadowing gains in exporter shares due to improved odds for Kamala Harris in the U.S. presidential race.

At the market close, the Shanghai Composite index was down 0.82% to 2,721.80, and Hong Kong's Hang Seng index fell by 0.7% to 17,108.71. The CSI300 index, representing China's blue-chip stocks, dropped by 0.3%, with significant declines in the financial and energy sectors.

Despite overall market declines, the electric vehicle index rose by 3.3%, driven by gains in companies like GoodWe Technologies and Jinzhou Yongshan Lithium. Meanwhile, trading volumes remained robust, with significant activity noted on both the Shanghai and Hang Seng exchanges.

(With inputs from agencies.)