BEIJING (dpa-AFX) - The China stock market has finished lower in three straight sessions, surrendering more than 25 points or 1 percent in that span. The Shanghai Composite Index now rests just above the 2,575-point plateau although it may halt its slide on Thursday.
The global forecast for the Asian markets is broadly positive on an improved outlook for interest rates and a spike in crude oil prices. The European and U.S. markets were up and the Asian bourses are predicted to follow suit.
The SCI finished modestly lower on Wednesday as losses from the insurance companies were tempered by support from the properties and mixed performances from the financials and oil companies.
For the day, the index shed 18.68 points or 0.72 percent to finish at 2,575.58 after trading between 2,575.41 and 2,598.81. The Shenzhen Composite Index tumbled 16.63 points or 1.28 percent to end at 1,283.71.
Among the actives, Industrial and Commercial Bank of China collected 0.18 percent, while Bank of China shed 0.27 percent, China Construction Bank added 0.15 percent, China Merchants Bank dropped 0.77 percent, China Life Insurance skidded 1.82 percent, Ping An Insurance lost 0.65 percent, PetroChina dipped 0.28 percent, China Petroleum and Chemical (Sinopec) rose 0.36 percent, China Shenhua Energy tumbled 1.46 percent, Gemdale surged 3.60 percent, Poly Developments perked 0.87 percent and China Vanke advanced 1.23 percent.
The lead from Wall Street is firm in response to the Federal Reserve's monetary policy announcement, which sent the major averages to nearly two-month closing highs.
The Dow added 434.90 points or 1.77 percent to 25,014.86, while the NASDAQ surged 154.79 points or 2.20 percent to 7,183.08 and the S&P 500 rose 41.05 points or 1.55 percent to 2,681.05.
Stocks accelerated to the upside after the Fed announced its widely expected decision to leave interest rates unchanged and indicated it will remain patient regarding further rate hikes.
Positive sentiment was also generated by solid earnings news from companies like Boeing (BA) and Apple (AAPL).
Crude oil prices surged Wednesday, extending gains from the previous session on U.S. sanctions of Venezuelan oil. West Texas Intermediate Crude oil futures for March ended up $0.92 or 1.7 percent at $54.23 a barrel.
Closer to home, China will see January results for its manufacturing and non-manufacturing PMIs later this morning. The manufacturing PMI is expected to see a score of 49.3, down from 49.4 in December. The non-manufacturing PMI is called at 53.9, up from 53.8 in the previous month. The composite was at 52.6 in December.
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