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Losing Streak May Continue For China Stock Market

(RTTNews) - The China stock market has finished lower in three straight sessions, retreating more than 50 points or 1.7 percent along the way. The Shanghai Composite Index now rests just beneath the 2,930-point plateau and it's looking at continued consolidation again on Friday.

The global forecast for the Asian markets is negative on continued uncertainty regarding a trade deal between the United States and China. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.

The SCI finished modestly lower on Thursday following losses from the oil companies and mixed performances from the financial shares and properties.

For the day, the index sank 10.26 points or 0.35 percent to finish at 2,929.06 after trading between 2,923.52 and 2,946.75. The Shenzhen Composite Index lost 12.43 points or 0.76 percent to end at 1,616.19.

Among the actives, Industrial and Commercial Bank of China shed 0.67 percent, while Bank of China collected 0.27 percent, China Construction Bank lost 0.41 percent, China Merchants Bank added 0.25 percent, China Life Insurance soared 3.21 percent, Ping An Insurance rose 0.19 percent, PetroChina tumbled 1.67 percent, China Petroleum and Chemical (Sinopec) skidded 1.21 percent, China Shenhua Energy was up 0.05 percent, Gemdale was up 0.17 percent, Poly Developments dropped 1.23 percent and China Vanke lost 0.45 percent.
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