China Stock Market May Take Further Damage On Tuesday

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( - The China stock market on Monday ended the two-day winning streak in which it had advanced just 5 points or 0.2 percent. The Shanghai Composite Index now rests just above the 3,040-point plateau, and the losses may accelerate on Tuesday.

The global forecast for the Asian markets suggests mild consolidation following soft economic data and a decline in crude oil prices. The European and U.S. markets were down and the Asian markets figure to follow that lead.

The SCI finished modestly lower on Monday following losses from the telecoms, financial shares and the property stocks.

Among the actives, China Unicom skidded 2.13 percent, while Agricultural Bank of China shed 0.32 percent, Industrial and Commercial Bank of China slipped 0.90 percent, Bank of China lost 0.59 percent, Vanke tumbled 3.13 percent, Gemdale fell 0.61 percent and China Life dipped 0.88 percent.

The lead from Wall Street is soft as stocks moved lower on Monday, falling to their lowest closing levels in a month.

The Dow dipped 51.98 points or 0.3 percent to 18,086.40, while the NASDAQ fell 14.34 points or 0.3 percent to 5,199.82 and the S&P 500 slid 6.48 points or 0.3 percent to 2,126.50.

The lower close followed disappointing U.S. economic data, including a report from the Federal Reserve showing a smaller than expected increase in industrial production in September.

A separate report from the New York Fed unexpectedly showed a continued decline in regional manufacturing activity in October.

Also, crude oil futures were lower Monday, slipping below $50 a barrel amid signs that Iran will pick up the slack when Saudi Arabia and Russia curb output. WTI light sweet oil lost 41 cents or 0.8 percent to settle at $49.94/bbl, the first settlement below $50 since October 7.

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Referenced Symbols: ACGBY , BACHY , CHU , IDCBY

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