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More Pain Predicted For China Stock Market

(RTTNews) - The China stock market on Tuesday halted the six-day winning streak in which it had advanced more than 125 points or 4.3 percent. The Shanghai Composite Index now rests just above the 2,980-point plateau and it's tipped to open in the red again on Wednesday.

The global forecast for the Asian markets is soft on pessimism over the outlook for interest rates. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.

The SCI finished modestly lower on Tuesday following losses from the financials, properties and oil and insurance companies.

For the day, the index sank 26.07 points or 0.87 percent to finish at 2,982.07 after trading between 2,948.99 and 3,004.91. The Shenzhen Composite Index dropped 15.63 points or 0.99 percent to end at 1,560.46.

Among the actives, Industrial and Commercial Bank of China shed 0.85 percent, while Bank of China lost 0.79 percent, China Minsheng Bank was down 1.09 percent, China Merchants Bank plunged 4.82 percent, China Construction Bank skidded 1.34 percent, China life Insurance tumbled 1.97 percent, Ping An Insurance sank 1.79 percent, PetroChina fell 0.71 percent, China Petroleum and Chemical (Sinopec) eased 0.19 percent, China Shenhua Energy slid 0.20 percent, Gemdale retreated 1.64 percent, Poly Developments declined 1.38 percent, China Vanke lost 0.89 percent and CITIC Securities fell 0.51 percent.

The lead from Wall Street is negative as stocks opened lower Tuesday and fell further into the red as the session progressed.

The Dow shed 179.32 points or 0.67 percent to 26,548.22, while the NASDAQ lost 120.98 points or 1.51 percent to 7,884.72 and the S&P 500 fell 27.97 points or 0.95 percent to 2,917.38.

The weakness on Wall Street partly reflected a negative reaction to a Conference Board report showing a sharp drop in U.S. consumer confidence in June. Also, the Commerce Department reported a steep decline in new home sales in the U.S. in May.

Additional selling pressure followed comments from Federal Reserve Chairman Jerome Powell, who reiterated the Fed will "act as appropriate" to sustain the economic expansion but did not signal the imminent interest rate cut currently being priced in by the markets.

Crude oil futures ended little changed on Tuesday, as traders weighed demand prospects and global crude supply position. West Texas Intermediate crude oil futures for August ended down $0.07 or less than 0.1 percent at $57.83 a barrel.
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