Flat Lead Called For China Stock Market – Nasdaq

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(RTTNews.com) – The China stock market moved higher again on Monday, one session after it had snapped the three-day winning streak in which it had gathered almost 70 points or 2.2 percent. The Shanghai Composite Index now rests just above the 3,250-point plateau and it’s expected to be fairly rangebound on Tuesday.

The global forecast for the Asian markets is ambiguous ahead of the Federal Reserve’s monetary policy announcement on Wednesday. The European and U.S. markets were mixed and little changed and the Asian markets figure to follow suit.

The SCI finished modestly higher on Monday as gains from the financial shares were capped by weakness from the oil companies and properties.

Among the actives, Agricultural Bank of China added 0.28 percent, while Industrial and Commercial Bank of China jumped 1.13 percent, Bank of China collected 0.53 percent, Vanke plummeted 3.95 percent, Gemdale skidded 1.66 percent, PetroChina shed 0.25 percent, China Petroleum and Chemical tumbled 1.94 percent, China Life fell 1.32 percent and Ping An of China jumped 1.25 percent.

The lead from Wall Street is inconclusive as stocks showed a lack of direction on Monday, bouncing back and forth across the unchanged line before ending mixed.

The NASDAQ climbed 23.05 or 0.4 percent to a record 6,410.81, while the Dow fell 66.90 points or 0.3 percent to 21,513.17 and the S&P eased 2.63 points or 0.1 percent to 2,469.91.

The choppy trading came ahead of the FOMC announcement. The Fed is widely expected to leave interest rates unchanged, and traders will pay close attention to the accompanying statement for insight into the outlook for interest rates.

In economic news, the National Association of Realtors noted a bigger than expected drop in existing home sales in June.

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