(RTTNews) - The China stock market has alternated between positive and negative finishes through the last seven trading days since the end of the two-day winning streak in which it had jumped almost 100 points or 3 percent. The Shanghai Composite index now sits just above the 3,410-point plateau and it's predicted to see continued consolidation again on Wednesday.
The global forecast for the Asian markets is soft on renewed coronavirus concerns and sinking crude oil prices. The European and U.S. markets were firmly lower and the Asian bourses figure to follow suit.
The Sci finished modestly lower on Tuesday following losses from the property and resource stocks, while the financials were mixed.
For the day, the index dropped 31.93 points or 0.93 percent to finish at 3,411.51 after trading between 3,390.05 and 3,445.42. The Shenzhen Composite Index sank 25.01 points or 1.13 percent to end at 2,197.71.
Among the actives, Industrial and Commercial Bank of China shed 0.37 percent, while Bank of China collected 0.30 percent, China Construction Bank dropped 0.82 percent, China Merchants Bank lost 0.56 percent, Bank of Communications added 0.43 percent, China Life Insurance climbed 1.20 percent, Jiangxi Copper plunged 5.01 percent, Aluminum Corp of China (Chalco) plummeted 5.06 percent, Yanzhou Coal tanked 2.56 percent, PetroChina retreated 0.92 percent, China Petroleum and Chemical (Sinopec) sank 0.70 percent, China Shenhua Energy surrendered 3.10 percent, Gemdale declined 1.17 percent, Poly Developments tumbled 1.16 percent, China Vanke was down 0.66 percent and Beijing Capital Development was unchanged.
The lead from Wall Street is negative as stocks opened in the red on Tuesday and saw the losses accelerate as the day progressed.
The Dow tumbled 308.05 points or 0.94 percent to finish at 32,423.15, while the NASDAQ plunged 149.84 points or 1.12 percent to end at 13,227.70 and the S&P 500 sank 30.07 points or 0.76 percent to close at 3,910.52.
The weakness that emerged on Wall Street partly reflected concerns about extended coronavirus lockdowns in Europe amid worries a new wave of infections. German leaders agreed to extend the country's lockdown until April 18, raising doubts about demand from Europe's largest economy.
Traders also kept an eye on Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen's virtual testimony before the House Financial Services Committee. Powell reiterated the Fed's recent assessment that indicators of economic activity have turned up recently.
In economic news, the Commerce Department said U.S. new home sales plummeted in February, hitting a nine-month low.
Crude oil prices tanked on Tuesday amid rising concerns about the outlook for energy demand due to the extension of lockdown measures in several parts of Europe. West Texas Intermediate Crude oil futures for May ended down $3.80 or 6.2 percent at $57.76 a barrel.
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