China Stock Market May Snap Losing Streak – Nasdaq

This post was originally published on this site

Shutterstock photo


(RTTNews.com) – The China stock market has finished lower in two straight sessions, slipping almost 20 points or 0.6 percent along the way. The Shanghai Composite Index now rests just above the 3,135-point plateau although the market may find traction on Thursday.

The global forecast for the Asian markets is murky following the Federal Reserve’s decision to leave interest rates unchanged. The European and U.S. markets were mixed and flat and the Asian markets are tipped to follow suit.

The SCI finished modestly lower on Wednesday following losses from the financial shares, property stocks and oil companies.

Among the actives, Agricultural Bank of China shed 0.60 percent, while Bank of China lost 0.84 percent, Industrial and Commercial Bank of China dipped 0.21 percent, Vanke skidded 1.77 percent, Gemdale tumbled 2.06 percent, PetroChina gave away 1.17 percent, China Shenhua advanced 1.36 percent and China Petroleum and Chemical (Sinopec) was unchanged.

The lead from Wall Street offers little clarity as stocks were mixed on Wednesday following the Fed’s monetary policy announcement.

The Dow added 8.01 points or 0.1 percent to 20,957.90, while the NASDAQ fell 22.82 points or 0.4 percent to 6,072.55 and the S&P eased 3.04 points or 0.1 percent to 2,388.13.

The mixed close followed the Fed’s widely expected decision to maintain the target range for the federal funds rate at $0.75 to 1 percent. The accompanying statement said recent data indicates that the labor market has continued to strengthen even as economic activity slowed.

In economic news, payroll processor ADP said private sector employment increased in line with estimates in April. Also, the Institute for Supply Management said service sector activity grew at a faster than expected rate in April.

Crude oil prices were flat Wednesday after the U.S. Energy Information Administration said domestic crude supplies fell by 900,000 barrels last week. June WTI light sweet crude oil settled at $47.82, up 16 cents.

For comments and feedback: contact editorial@rttnews.com

http://www.rttnews.com