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Soft Start Expected For China Stock Market

(RTTNews) - The China stock market has finished lower in three straight sessions, sliding more than 50 points or 1.7 percent along the way. The Shanghai Composite Index now rests just beneath the 2,990-point plateau and it may spin its wheels again on Thursday.

The global forecast for the Asian markets is cloudy, with coronavirus concerns warring with bargain hunting after heavy selling in recent days. The European and U.S. markets were mixed and little changed and the Asian markets figure to follow that lead.

The SCI finished modestly lower on Wednesday as losses from the insurance companies were offset by support from the properties and financials.

For the day, the index shed 25.12 points or 0.83 percent to finish at 2,987.93 after trading between 2,978.42 and 2,978.42. The Shenzhen Composite Index tumbled 52.56 points or 2.71 percent to end at 1,890.60.

Among the actives, Bank of China collected 0.84 percent, while China Construction Bank rose 0.15 percent, China Merchants Bank added 0.58 percent, China Life Insurance shed 0.39 percent, Ping An Insurance lost 0.45 percent, PetroChina gained 0.58 percent, China Petroleum and Chemical (Sinopec) increased 0.43 percent, China Shenhua Energy climbed 1.29 percent, Gemdale surged 6.25 percent, Poly Developments spiked 4.78 percent, China Vanke accelerated 2.66 percent and Industrial and Commercial Bank of China was unchanged.
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