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More Pain Predicted For China Stock Market

(RTTNews) - The China stock market on Tuesday ended the three-day winning streak in which it had advanced more than 40 points or 1.1 percent. The Shanghai Composite Index now rests just above the 3,660-point plateau and it's expected to face continued consolidation on Wednesday.

The global forecast for the Asian markets is soft due to the outlook for interest rates, despite encouraging data. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The SCI finished sharply lower on Tuesday following losses from the financial shares, property stocks and resource companies.

For the day, the index tanked 52.77 points or 1.42 percent to finish at 3,662.60 after trading between 3,655.63 and 3,723.85. The Shenzhen Composite Index lost 11.95 points or 0.48 percent to end at 2,488.88.

Among the actives, Industrial and Commercial Bank of China skidded 1.26 percent, while Bank of China retreated 1.29 percent, China Construction Bank tumbled 2.23 percent, China Merchants Bank tanked 3.38 percent, Bank of Communications declined 1.52 percent, China Life Insurance plunged 3.65 percent, Jiangxi Copper cratered 7.69 percent, Aluminum Corp of China (Chalco) plummeted 5.57 percent, Yanzhou Coal surged 3.26 percent, PetroChina soared 3.82 percent, China Petroleum and Chemical (Sinopec) dropped 1.06 percent, China Shenhua Energy surrendered 3.30 percent, Gemdale sank 3.47 percent, Poly Developments shed 1.22 percent, China Vanke lost 5.32 percent and China Fortune Land was down 4.55 percent.
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