Quantcast

China Shares Likely Rangebound On Thursday


Shutterstock photo

(RTTNews.com) - The China stock market has finished lower in three straight trading days, sliding almost 25 points or 0.7 percent in that span. The Shanghai Composite Index now rests just above the 3,290-point plateau and it's expected to hold steady in that neighborhood again on Thursday.

The global forecast for the Asian markets is flat to lower, thanks to concerns of violence in the Middle East and a decline in crude oil prices. The European and U.S. markets were mixed and little changed and the Asian markets figure to follow suit.

The SCI finished modestly lower on Wednesday following losses from the financials, properties, oil companies and resource stocks.

Among the actives, China Life dropped 1.27 percent, while Ping An Insurance tumbled 2.53 percent, Industrial and Commercial Bank of China and Bank of China both shed 0.50 percent, Agricultural Bank of China lost 0.26 percent, PetroChina skidded 1.58 percent, China Petroleum and Chemical (Sinopec) fell 0.65 percent, Vanke retreated 0.84 percent and Jiangxi Copper plummeted 3.25 percent.

The lead from Wall Street offers little clarity as stocks turned in a lackluster performance on Wednesday, bouncing back and forth across the unchanged line before ending mixed.

The NASDAQ added 14.16 points or 0.21 percent to 6,776.38, while the Dow shed 39.73 points or 0.16 percent to 24,140.91 and the S&P 500 fell 0.30 points or 0.01 percent to 2,629.27.

The choppy trading came as traders expressed uncertainty about the economic impact of the Republican tax reform plan.

Concerns about the possibility of violence in the Middle East also weighed on the markets as President Donald Trump announced he is officially recognizing Jerusalem as the capital of Israel.

In economic news, payroll processor ADP noted a slightly bigger than expected increase in private sector employment. Also, the Labor Department saw a significant increase in labor productivity in the third quarter.

Crude oil futures plunged Wednesday, extending recent losses after official data confirmed a huge build in U.S. gasoline supplies. WTI light sweet crude oil for January was down $1.66 or 2.9 percent to $55.96 a barrel.

For comments and feedback: contact editorial@rttnews.com

http://www.rttnews.com




This article appears in: Politics , Stocks , World Markets , US Markets , Oil
Referenced Symbols: ACGBY ,


More from RTT News

Subscribe






See headlines for ACGBY









Research Brokers before you trade

Want to trade FX?