BEIJING (dpa-AFX) - The China stock market has moved lower in back-to-back trading days, surrendering almost 35 points or 1.3 percent along the way. The Shanghai Composite Index now rests just above the 2,650-point plateau and it's called lower again on Tuesday.
The global forecast for the Asian markets is soft thanks to trade concerns and a drop in crude oil prices. The European and U.S. markets were down and the Asian bourses figure to follow suit.
The SCI finished sharply lower on Monday following losses from the financials, properties and insurance companies.
For the day, the index dropped 29.85 points or 1.11 percent to finish at 2,651.79 after trading between 2,647.92 and 2,671.29. The Shenzhen Composite Index plunged 21.53 points or 1.54 percent to end at 1,380.98.
Among the actives, China Construction Bank fell 0.60 percent, while Bank of China shed 0.56 percent, Industrial and Commercial Bank of China lost 0.93 percent, China Merchants Bank tumbled 1.54 percent, China Life Insurance skidded 1.28 percent, China Petroleum and Chemical (Sinopec) retreated 0.89 percent, PetroChina added 0.12 percent, China Shenhua Energy plunged 2.05 percent, Gemdale declined 0.92 percent, Poly Real Estate dropped 0.42 percent, China Vanke plummeted 2.10 percent and CITIC Securities declined 0.57 percent.
The lead from Wall Street is negative as stocks moved mostly lower on Monday, giving back ground after finishing higher last week.
The Dow shed 92.55 points or 0.35 percent to 26,062.12, while the NASDAQ plunged 114.25 points or 1.43 percent to 7,895.79 and the S&P 500 fell 16.18 points or 0.56 percent to 2,888.80.
Lingering trade concerns weighed on the markets throughout the day, with stocks seeing further downside after President Donald Trump said an announcement on trade with China would be made after the close of trading.
In economic news, the New York Federal Reserve noted a bigger than expected slowdown in the pace of growth in regional manufacturing activity in September.
Crude oil prices retreated to close lower on Monday, after trending higher early on in the session. Crude oil futures for October delivery ended down $0.08 or 0.1 percent at $68.91 a barrel on the New York Mercantile Exchange.
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