China Stock Market Expected To Rebound On Thursday

(RTTNews) - The China stock market moved lower again on Wednesday, one session after it had ended the two-day losing streak in which it had faded not even two points. The Shanghai Composite Index now rests just above the 3,065-point plateau although it figures to bounce higher again on Thursday.

The global forecast for the Asian markets is upbeat on easing geopolitical tensions in the Middle East. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The SCI finished sharply lower on Wednesday following losses from the financials, properties and insurance companies, while the oil companies offered support.

For the day, the index dropped 37.91 points or 1.22 percent to finish at 3,066.89 after trading between 3,059.13 and 3,094.24. The Shenzhen Composite Index sank 22.27 points or 1.24 percent to end at 1,769.58.

Among the actives, Industrial and Commercial Bank of China skidded 1.66 percent, while Bank of China shed 0.81 percent, China Construction Bank sank 1.24 percent, China Merchants Bank tumbled 1.89 percent, China Life Insurance plunged 2.87 percent, Ping An Insurance retreated 1.33 percent, PetroChina accelerated 1.96 percent, China Petroleum and Chemical (Sinopec) added 0.57 percent, China Shenhua Energy declined 2.50 percent, Gemdale gained 0.83 percent, Poly Developments lost 1.71 percent and China Vanke eased 0.25 percent.
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