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China Stock Market May See Continued Consolidation

(RTTNews) - The China stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day losing streak in which it had retreated almost 60 points or 2.7 percent. The Shanghai Composite Index now rests just above the 3,525-point plateau and it may take further damage on Friday.

The global forecast for the Asian markets suggests consolidation on concerns over the spread of the coronavirus variant. The European and U.S. markets were down and the Asian markets are tipped to open in similar fashion.

The SCI finished modestly lower on Thursday following losses from the financial shares and resource stocks, while the properties came in mixed.

For the day, the index lost 28.21 points or 0.79 percent to finish at 3,525.50 after trading between 3,521.06 and 3,558.68. The Shenzhen Composite Index sank 11.79 points or 0.48 percent to end at 2,435.21.

Among the actives, Industrial and Commercial Bank of China skidded 1.01 percent, while Bank of China shed 0.32 percent, China Construction Bank retreated 1.50 percent, China Merchants Bank plummeted 5.76 percent, Bank of Communications sank 0.82 percent, China Life Insurance tanked 2.40 percent, Jiangxi Copper tumbled 2.22 percent, Aluminum Corp of China (Chalco) fell 0.56 percent, Yanzhou Coal plunged 7.04 percent, PetroChina surrendered 2.54 percent, China Petroleum and Chemical (Sinopec) declined 1.64 percent, China Shenhua Energy dropped 0.85 percent, Gemdale lost 0.93 percent, Poly Developments slid 0.41 percent, China Vanke rose 0.04 percent and China Fortune Land surged 6.30 percent.
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