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China Stock Market: Support Expected At 2,900 Points

(RTTNews) - The China stock market has finished lower in three straight sessions, sliding more than 40 points or 1.3 percent along the way. The Shanghai Composite Index now rests just above the 2,900-point plateau and it's expected to open in the green on Friday.

The global forecast for the Asian markets is mildly positive on an improved outlook for interest rates. The European markets were down and the U.S. bourses were up and the Asian markets are tipped to follow the latter lead.

The SCI finished sharply lower on Thursday following losses from the properties and oil companies, while the financials came in mixed.

For the day, the index dropped 30.51 points or 1.04 percent to finish at the daily low of 2,901.18 after peaking at 2,921.74. The Shenzhen Composite Index tumbled 25.71 points or 1.63 percent to end at 1,548.64.

Among the actives, Industrial and Commercial Bank of China added 0.18 percent, while Bank of China shed 0.54 percent, China Merchants Bank collected 0.31 percent, China Construction Bank jumped 1.40 percent, China Life Insurance rose 0.07 percent, Ping An Insurance slid 0.30 percent, PetroChina dropped 1.06 percent, China Petroleum and Chemical (Sinopec) sank 0.76 percent, China Shenhua Energy eased 0.11 percent, Gemdale skidded 1.00 percent, Poly Developments dipped 0.07 percent, China Vanke fell 0.13 percent and CITIC Securities plunged 1.60 percent.

The lead from Wall Street is cautiously optimistic as stocks saw considerable volatility on Thursday, with the major averages swinging back and forth across the unchanged line before ending higher.

The Dow added 3.12 points or 0.01 percent to 27,222.97, while the NASDAQ gained 22.04 points or 0.27 percent to 8,207.24 and the S&P 500 rose 10.69 points or 0.36 percent to 2,995.11.

The higher close on Wall Street came as comments from New York Federal Reserve President John Williams seemed to endorse a near-term interest rate cut by the Fed.

Buying interest was somewhat subdued, however, as traders were also digesting news that the U.S. Navy has shot down an Iranian drone in the Strait of Hormuz.

Crude oil futures declined sharply Thursday as resumption of service in the Gulf of Mexico raised concerns about excess supply in the market. West Texas Intermediate Crude oil futures for August ended down $1.48 or 2.6 percent at $55.30 a barrel.
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