China Stock Market Draws Flat Lead For Wednesday

The China stock market has finished lower in four straight sessions, retreating almost 75 points or 2.9 percent along the way. The Shanghai Composite Index now rests just beneath the 2,575-point plateau and it figures to hold steady in that range again on Wednesday.

The global forecast for the Asian markets is mixed and flat ahead of OPEC and G20 meetings later this week. The European markets were down and the U.S. bourses were up and the Asian markets figure to split the difference.

The SCI finished barely lower on Tuesday following losses from the financial shares and insurance companies, while the properties and oil companies were mixed.

For the day, the index eased 1.13 points or 0.04 percent to finish at 2,574.68 after trading between 2,566.17 and 2,592.54. The Shenzhen Composite Index added 5.75 points or 0.43 percent to end at 1,336.68.

Among the actives, Gemdale gained 0.21 percent, while Poly Developments skidded 1.99 percent, China Vanke declined 0.95 percent, CITIC Securities advanced 0.84 percent, China Minsheng Bank slid 0.33 percent, Industrial and Commercial Bank of China shed 0.37 percent, China Merchants Bank dropped 0.99 percent, Bank of China lost 0.56 percent, China Construction Bank fell 0.45 percent, China Life Insurance eased 0.09 percent, Ping An Insurance dipped 0.14 percent, PetroChina retreated 0.53 percent, China Petroleum and Chemical (Sinopec) added 0.35 percent and China Shenhua Energy tumbled 2.12 percent.

The lead from Wall Street is cautiously optimistic as stocks shook off a lower open on Tuesday, with bargain hunters lifting the major averages back into the green.

The Dow added 108.49 points or 0.44 percent to end at 24,748.73, while the NASDAQ gained 0.85 points or 0.01 percent to 7,082.70 and the S&P was up 8.75 points or 0.33 percent to 2,682.20.

The initial pullback on Wall Street reflected

Read More Here...

Bookmark the permalink.