BEIJING (dpa-AFX) - The China stock market on Wednesday ended the two-day winning streak in which it had picked up almost 25 points or 0.7 percent. The Shanghai Composite Index now rests just above the 3,245-point plateau, and the market may extend its losses on Thursday.
The global forecast for the Asian markets is murky ahead of the vote later today on the GOP plan to replace the Affordable Care Act. Weakness among crude oil prices also should limit the upside. The European and U.S. markets were mixed but little changed and the Asian markets figure to follow suit.
The SCI finished modestly lower on Wednesday following losses from the financials and properties, while the oil companies were mixed.
For the day, the index shed 16.39 points or 0.50 percent to finish at 3,245.22 after trading between 3,229.13 and 3,255.78. The Shenzhen Composite Index lost 6.05 points or 0.30 percent to end at 2,037.89.
Among the actives, Agricultural Bank of China shed 0.31 percent, while Bank of China tumbled 1.37 percent, Industrial and Commercial Bank of China dropped 1.06 percent, Vanke lost 0.52 percent, Gemdale skidded 2.54 percent, PetroChina fell 0.62 percent and China Petroleum and Chemical (Sinopec) jumped 1.23 percent.
The lead from Wall Street offers little clarity as stocks turned in a lackluster performance on Wednesday, eventually finishing mixed.
The Dow shed 6.71 points or 0.1 percent to 20,661.30, while the NASDAQ climbed 27.82 points or 0.5 percent to 5,821.64 and the S&P rose 4.43 points or 0.2 percent to 2,348.45.
The choppy trading was due to uncertainty about the Republican plan to repeal and replace Obamacare, which may not have enough votes to pass. If it fails, it could imperil President Donald Trump's other policies such as tax reform and increased infrastructure spending.
In economic news, the National Association of Realtors reported a bigger than expected pullback in existing home sales in February.
Crude oil futures were lower Wednesday after government data showed gasoline stockpiles continued to fall last week. WTI light sweet crude oil for May was down 20 cents or 0.4 percent to $48.04/bbl.
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