China Stock Market Tipped To Halt Losing Streak

(RTTNews) - The China stock market has ended lower in three straight sessions, sliding almost 35 points or 1.3 percent along the way. The Shanghai Composite Index now rests just above the 2,640-point plateau although it may find traction on Thursday.

The global forecast is positive following the U.S. midterm elections. The European and U.S. markets were solidly higher and the Asian bourses are expected to follow suit.

The SCI finished modestly lower on Wednesday following losses from the financial shares, property stocks and oil and insurance companies.

For the day, the index sank 18.01 points or 0.68 percent to finish at 2,641.34 after trading between 2,639.25 and 2,675.68. The Shenzhen Composite Index slid 5.82 points or 0.43 percent to end at 1,340.37.

Among the actives, Gemdale lost 1.38 percent, while Poly Developments fell 0.88 percent, China Vanke retreated 1.20 percent, CITIC Securities plummeted 2.32 percent, Industrial and Commercial Bank of China eased 0.18 percent, China Construction Bank shed 0.43 percent, China Merchants Bank skidded 1.00 percent, China Life Insurance tumbled 1.72 percent, Ping An Insurance dropped 1.02 percent, PetroChina plunged 1.92 percent, China Petroleum and Chemical (Sinopec) retreated 1.73 percent, China Shenhua Energy added 0.10 percent, Jiangxi Copper slid 0.59 percent, Aluminum Corporation of China (Chalco) declined 1.30 percent, Yanzhou Coal contracted 2.02 percent, Anhui Conch Cement eased 0.15 percent and Bank of China was unchanged.

The lead from Wall Street is solid as stocks showed a significant move to the upside on Wednesday, adding to the gains posted in the previous session.

The Dow added 545.29 points or 2.13 percent to 26,180.30, while the NASDAQ jumped 194.79 points or 2.64 percent to 7,570.75 and the S&P gained 58.44 points or 2.12 percent to 2,813.89.

The rally on Wall Street came as the results of the highly anticipated midterm elections on Tuesday came largely in line with expectations.

Democrats are projected to retake control of the House for the first time since 2010 - which will give them subpoena power, potentially leading to numerous investigations of President Donald Trump's administration.

Democrats did not fare as well as in the Senate, as Republicans appear poised to expand their majority in the upper chamber.

Crude oil prices tumbled on Wednesday after data showed a seventh straight weekly rise in U.S. crude inventories. Crude oil futures for December were down $0.54 or 0.9 percent at $61.67 a barrel, the lowest settlement price in nearly eight months.
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