BEIJING (dpa-AFX) - The China stock market on Monday saw an emphatic end to the two-day winning streak in which it had picked up almost 25 points or 0.8 percent. The Shanghai Composite Index now rests just above the 3,175-point plateau although it may bounce higher again on Tuesday.
The global forecast for the Asian markets offers little clarity, with renewed weakness in crude oil prices weighing on investors. The European and U.S. markets were mixed but little changed and the Asian markets figure to follow that lead.
The SCI finished sharply lower on Monday in spite of support from the financials and oil companies.
For the day, the index plummeted 45.95 points or 1.43 percent to finish at 3,176.46 after trading between 3,139.50 and 3,230.35. The Shenzhen Composite plunged 80.47 points or 4.27 percent to end at 1,800.53.
Among the actives, Agricultural Bank of China surged 3.15 percent, while Industrial and Commercial Bank of China soared 3.29 percent, Bank of China spiked 2.99 percent, Vanke was unchanged, Gemdale shed 0.47 percent, PetroChina climbed 3.04 percent, China Petroleum and Chemical (Sinopec) jumped 1.61 percent, China Life perked 1.55 percent and Ping An of China collected 2.14 percent.
The lead from Wall Street is cloudy as stocks meandered slightly back and forth across the unchanged line Monday before ending mixed.
The Dow shed 8.02 points or 0.04 percent to 21,629.72, while the NASDAQ added 1.97 points or 0.03 percent to 6,314.43 and the S&P eased 0.13 points or 0.01 percent to 2,459.14.
In economic news, the Federal Reserve Bank of New York said that activity in the New York manufacturing sector grew at a slower pace in July.
On the political front, a new national survey showed that the Trump administration faces significantly declining approval as it hits the six-month mark. Trump's approval rating fell to 36 percent, down from 42 percent in April, said a Washington Post-ABC News poll.
Crude oil futures were lower Monday amid after data showed the U.S. oil rig count rose again last week. August WTI oil lost 52 cents or 1.1 percent to $46.02/bbl. Prices jumped 5 percent last week, rising from yearly lows.
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