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China Stock Market Tipped To Open Under Pressure

(RTTNews) - The China stock market on Wednesday halted the three-day winning streak in which it had climbed almost 100 points or 4 percent. The Shanghai Composite Index now rests just beneath the 2,650-point plateau and it figures to open in the red again on Thursday.

The global forecast for the Asian markets is flat to lower, thanks to a decline in crude oil prices. The European markets were down and the U.S. markets were closed and the Asian bourses are tipped to open slightly lower on Thursday.

The SCI finished modestly lower on Wednesday as losses from the financial shares and oil companies were mitigated by support from the property sector.

For the day, the index sank 16.15 points or 0.61 percent to finish at 2,649.81 after trading between 2,625.91 and 2,660.39. The Shenzhen Composite Index slid 6.71 points or 0.48 percent to end at 1,380.78.

Among the actives, PetroChina shed 0.78 percent, while China Petroleum and Chemical (Sinopec) dropped 0.83 percent, China Shenhua Energy eased 0.05 percent, CITIC Securities slid 0.85 percent, China Life Insurance lost 0.86 percent, Industrial and Commercial Bank of China dipped 0.37 percent, Bank of China retreated 0.55 percent, Bank of Communications was down 0.84 percent, China Construction Bank fell 0.59 percent, Gemdale climbed 1.49 percent, Poly Developments added 0.39 percent and China Vanke gained 0.68 percent.

There is no lead from Wall Street as the major averages were closed Wednesday for the funeral of former President George H.W. Bush, who died Nov. 30.

In economic news, the Federal Reserve released its Beige Book and most of the twelve Fed districts reported that their economies expanded at a modest or moderate pace from mid-October through late November.

The release of the Beige Book comes as the Fed is widely expected to raise interest rates by a quarter point at its next monetary policy meeting later this month.

Crude oil futures failed to hold earlier gains and settled lower on Wednesday, with traders weighing the prospects of future demand. Crude oil futures for January ended down $0.36 or 0.7 percent at $52.89 a barrel.
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