(RTTNews) - The China stock market headed south again on Wednesday, one session after snapping the two-day losing streak in which it had stumbled more than 80 points or 2.3 percent. The Shanghai Composite Index now rests just beneath the 3,625-point plateau although it figures to bounce higher again on Thursday.
The global forecast for the Asian markets remains positive on easing concerns about the Omicron variant of the coronavirus, plus support from crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.
The SCI finished slightly lower on Wednesday following losses from the financial shares, property stocks and oil companies.
For the day, the index eased 2.51 points or 0.07 percent to finish at 3,622.62 after trading between 3,616.55 and 3,635.90. The Shenzhen Composite Index improved 15.97 points or 0.64 percent to end at 2,520.30.
Among the actives, Industrial and Commercial Bank of China, Bank of Communications and Jiangxi Copper all fell 0.22 percent. while China Construction Bank collected 0.17 percent, China Merchants Bank skidded 1.22 percent, China Life Insurance retreated 1.02 percent, Aluminum Corp of China (Chalco) sank 0.80 percent, Yankuang Energy advanced 0.75 percent, PetroChina dipped 0.20 percent, China Petroleum and Chemical (Sinopec) lost 0.24 percent, Huaneng Power added 0.33 percent, China Shenhua Energy shed 0.41 percent, Gemdale tanked 2.46 percent, Poly Developments improved 0.26 percent, China Vanke plunged 2.22 percent, China Fortune Land plummeted 3.82 percent, Beijing Capital tumbled 1.90 percent and Bank of China was unchanged.
The lead from Wall Street is solid as the major averages shook off a sluggish start on Wednesday, quickly moving higher and finishing in the green.
The Dow jumped 261.19 points or 0.74 percent to finish at 35,753.89, while the NASDAQ spiked 180.81 points or 1.18 percent and the S&P 500 climbed 47.33 points or 1.02 percent to end at 4,696.56.
The markets drew strength from easing worries about Omicron and U.S. President Joe Biden's remarks that it is still possible to reach a deal with Senator Joe Manchin to push the $2 trillion Build Back Better bill through Congress.
Adding to the positive sentiment, the Conference Board reported that consumer confidence improved by much more than expected in the month of December.
Crude oil futures settled sharply higher Wednesday after data showed a larger than expected drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for February spiked $1.64 or 2.3 percent at $72.76 a barrel.
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