BEIJING (dpa-AFX) - The China stock market has tracked lower in back-to-back sessions, retreating more than 20 points or 0.6 percent along the way. The Shanghai Composite Index now rests just beneath the 3,070-point plateau, and the market may extend its losses on Friday.
The global forecast for the Asian markets is flat to lower, with traders likely looking to a speech by Federal Reserve Chair Janet Yellen later today. The European and U.S. markets were slightly lower and the Asian markets figure to follow suit.
The SCI finished modestly lower on Thursday following losses from the properties, resource stocks and financials.
For the day, the index slid 17.55 points or 0.57 percent to finish at 3,068.33 after trading between 3,041.51 and 3,073.44. The Shenzhen Composite Index fell 11.26 points or 0.55 percent to end at 2,019.02.
Among the actives, China Life eased 0.19 percent, while China Unicom dropped 1.14 percent, China Shenhua Energy added 0.40 percent, PetroChina dipped 0.27 percent, Zijin Mining fell 1.47 percent, Gemdale Corporation tumbled 4.06 percent, China Vanke shed 1.88 percent and Poly Real Estate lost 2.07 percent.
The lead from Wall Street suggests mild consolidation as stocks showed a lack of direction on Thursday before ending modestly lower - extending losses in the previous session.
The Dow dipped 33.07 points or 0.2 percent to 18,448.41, while the NASDAQ eased 5.49 points or 0.1 percent to 5,212.20 and the S&P 500 slipped 2.97 points or 0.1 percent to 2,172.47.
Yellen is due to speak at the Kansas City Fed's monetary policy symposium in Jackson Hole, Wyoming, and traders will look for clues about the outlook for interest rates in her remarks.
In economic news, the Commerce Department reported a stronger than expected rebound in durable goods orders in July.
A separate report from the Labor Department showed another modest drop in initial jobless claims in the week ended August 20.
Copyright RTT News/dpa-AFX