China Stock Market May Spin Its Wheels On Thursday

(RTTNews) - The China stock market on Wednesday snapped the three-day winning streak in which it had gathered more than 60 points or 2 percent. The Shanghai Composite Index now rests just beneath the 2,980-point plateau and it's expected to remain in that neighborhood again on Thursday.

The global forecast for the Asian markets is fairly rudderless amid a lack of catalysts as investors look for concrete details in a possible trade agreement between the United States and China. The European markets were slightly higher and the U.S. bourses were mixed and flat and the Asian markets figure to follow the latter lead.

The SCI finished modestly lower on Wednesday as losses from the property stocks and energy producers were mitigated by support from the financial sector.

For the day, the index fell 12.97 points or 0.43 percent to finish at 2,978.60 after trading between 2,969.72 and 2,995.56. The Shenzhen Composite Index dropped 14.38 points or 0.87 percent to end at 1,641.23.

Among the actives, Industrial and Commercial Bank of China advanced 1.01 percent, while Bank of China collected 0.54 percent, China Construction Bank jumped 1.49 percent, China Merchants Bank climbed 1.30 percent, China Life Insurance rose 0.14 percent, Ping An Insurance eased 0.07 percent, PetroChina shed 0.85 percent, China Shenhua Energy sank 0.66 percent, Gemdale retreated 1.54 percent, Poly Developments plunged 2.00 percent, China Vanke dropped 0.86 percent, CITIC Securities fell 0.84 percent and China Petroleum and Chemical (Sinopec) and China Minsheng Bank were unchanged.
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