BEIJING (dpa-AFX) - The China stock market has tracked lower in two straight sessions, sliding almost 20 points or 0.6 percent in that span. The Shanghai Composite Index now rests just above the 3,270-point plateau and it may take further damage on Friday.
The global forecast for the Asian markets is flat ahead of key speeches at the Federal Reserve's Economic Policy Symposium in Jackson Hole, Wyoming later today. The European and U.S. markets were little changed and the Asian bourses figure to follow suit.
The SCI finished modestly lower on Thursday following losses from the insurance companies and properties, while the financials and oil companies were mixed.
For the day, the index sank 16.19 points or 0.49 percent to finish at 3,271.51 after trading between 3,266.36 and 3,297.99. The Shenzhen Composite Index lost 11.51 points or 0.61 percent to end at 1,890.48.
Among the actives, Agricultural Bank of China jumped 1.07 percent, while Industrial and Commercial Bank of China perked 1.20 percent, Bank of China collected 0.25 percent, Vanke shed 0.65 percent, Gemdale skidded 1.12 percent, PetroChina lost 0.38 percent, China Petroleum and Chemical (Sinopec) added 0.17 percent, China Life tumbled 1.60 percent and Ping An Insurance fell 0.51 percent.
The lead from Wall Street suggests little activity as stocks showed a lack of direction on Thursday, bouncing back and forth across the unchanged line.
The Dow slipped 28.69 points or 0.1 percent to 21,783.40, while the NASDAQ shed 7.08 points or 0.1 percent to 6,271.33 and the S&P 500 dipped 5.07 points or 0.2 percent to 2,438.97.
The choppy trading came as traders looked ahead to the Fed symposium. Fed Chair Janet Yellen and European Central Bank President Mario Draghi both will speak at the conference later today.
Speaking earlier from the event, Kansas City Fed President Esther George said the economy is strong enough to handle more interest rate hikes, despite recent weak inflation readings.
In economic news, the Labor Department noted a modest uptick in initial jobless claims in the week ended August 19th - while the National Association of Realtors unexpectedly showed a continued decline in existing home sales in July.
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