China Stock Market May Take Further Damage On Friday

(RTTNews) - The China stock market has moved lower in two straight sessions, retreating almost 45 points or 1.3 percent along the way. The Shanghai Composite Index now rests just above the 3,565-point plateau and it's tipped to open under pressure again on Friday.

The global forecast for the Asian markets is mixed to lower, with stimulus optimism tempered by concern over the outlook for interest rates. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The SCI finished modestly lower on Thursday as losses from the resource stocks were mitigated by support from the financials and properties.

For the day, the index lost 32.75 points or 0.91 percent to finish at 3,565.90 after trading between 3,559.60 and 3,599.06. The Shenzhen Composite Index dropped 33.34 points or 1.39 percent to end at 2,360.40.

Among the actives, Industrial and Commercial Bank of China collected 0.40 percent, while Bank of China added 0.31 percent, China Construction Bank shed 0.46 percent, China Merchants Bank dropped 0.71 percent, Bank of Communications rose 0.22 percent, China Life Insurance gained 0.67 percent, Jiangxi Copper plummeted 3.33 percent, Aluminum Corp of China (Chalco) tanked 2.47 percent, Yanzhou Coal tumbled 1.79 percent, PetroChina sank 0.69 percent, China Petroleum and Chemical (Sinopec) gathered 0.24 percent, China Shenhua Energy skidded 1.01 percent, Gemdale perked 0.57 percent, Poly Developments was up 0.13 percent, China Vanke improved 0.30 percent and China Minsheng Bank was unchanged.
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