Canadian stocks plunge over resources fall, growth concerns

Toronto, May 4 (IANS) Canada’s main stock market in Toronto slid down to a two-week low on Tuesday as energy and mining stocks led massive losses for the resource-linked market over renewed concerns on global economic growth.

The Toronto Stock Exchange’s benchmark Standard & Poor’s/TSX Composite Index lost 157.95 points, or 1.14 percent, to close at 13,707.68 points. Six of the TSX index’s eight main sub-sectors were lower, Xinhua reported.

Oil prices extended the loss as market expected US crude inventories to rise. The West Texas Intermediate for June delivery moved down $1.13 to settle at $43.65 a barrel, while Brent crude for July delivery decreased 86 cents to close at $44.97 a barrel.

The Canadian dollar traded signally lower at $0.7866, compared with Monday’s closing rate of $0.7977.

Chinese yuan weakens

Beijing, May 4 (IANS) The central parity rate of the Chinese currency renminbi, or the yuan, weakened 378 basis points to 6.4943 against the US dollar on Wednesday, according to the China Foreign Exchange Trading System.

In China’s spot foreign exchange market, the yuan is allowed to rise or fall by two percent from the central parity rate each trading day, Xinhua reported.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Chinese shares open lower on Wednesday

Beijing, May 4 (IANS) Chinese stocks opened lower on Wednesday, with the benchmark Shanghai Composite Index down 0.32 percent to open at 2,983.03 points.

The smaller Shenzhen index opened 0.39 percent lower at 10,401.67 points, Xinhua reported.

The ChiNext Index, tracking China’s NASDAQ-style board of growth enterprises, was down 0.32 percent to open at 2,210.13 points.

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