Losing Streak May Continue For China Bourse

(RTTNews) - The China stock market has moved lower in consecutive trading days, retreating more than 70 points or 2.8 percent along the way. The Shanghai Composite Index now rests just shy of the 2,580-point plateau and it's in line for further damage on Monday.

The global forecast for the Asian markets is mixed to lower thanks to plummeting crude oil prices. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The SCI finished sharply lower on Friday with damage across the board - particularly among the financials, properties and oil and insurance stocks.

For the day, the index tumbled 65.95 points or 2.49 percent to finish at 2,579.48 after trading between 2,577.35 and 2,642.04. The Shenzhen Composite Index plummeted 50.69 points or 3.66 percent to end at 1,335.15.

Among the actives, Industrial and Commercial Bank of China shed 0.56 percent, while China Merchants Bank skidded 1.48 percent, China Construction Bank fell 0.60 percent, Bank of China lost 0.55 percent, China Life Insurance tumbled 2.24 percent, Ping An Insurance slid 0.79 percent, PetroChina retreated 1.16 percent, China Petroleum and Chemical (Sinopec) declined 1.18 percent, China Shenhua Energy contracted 1.66 percent, Gemdale plunged 2.37 percent, China Vanke plummeted 2.85 percent and Poly Developments was down 1.66 percent.

The lead from Wall Street is negative as stocks moved lower on Friday in an abbreviated session after Thursday's Thanksgiving holiday.

The Dow shed 178.74 points or 0.73 percent to 24,285.95, the NASDAQ fell 33.27 points or 0.48 percent to 6,938.98 and the S&P lost 17.37 points or 0.66 percent to 2,632.56. For the week, the Dow and the S&P 500 plunged 4.4 percent and 4.3 percent, respectively, and the S&P fell 3.8 percent.

The weakness on Wall Street partly reflected recent downward momentum amid lingering concerns about the global economic outlook. A continued decline by shares of Apple (AAPL) also weighed on the markets.

Energy stocks led the way lower on the day amid a sharp pullback by the price of crude oil. After jumping $1.20 to $54.63 a barrel on Wednesday, crude for January delivery plunged $4.21 to $50.42 a barrel.

Overall trading activity was subdued, however, as many traders remained away from their desks following the holiday on Thursday. A lack of major U.S. economic data also kept traders on the sidelines along with the markets' early close.
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