BEIJING (dpa-AFX) - The China stock market on Tuesday snapped the two-day winning streak in which it had soared more than 100 points or 3.3 percent. The Shanghai Composite Index now rests just above the 3,090-point plateau and it's expected to tick lower again on Wednesday.
The global forecast for the Asian markets suggests little movement ahead of the FOMC interest rate decision later today. The European markets were up and the U.S. bourses were mixed and flat - and the Asian markets are tipped to follow the latter lead.
The SCI finished slightly lower on Tuesday following losses from the financials, properties and oil companies.
For the day, the index slipped 5.44 points or 0.18 percent to finish at 3,090.98 after trading between 3,076.36 and 3,113.43. The Shenzhen Composite Index added 2.97 points or 0.18 percent to end at 1,688.76.
Among the actives, Bank of China shed 0.78 percent, while China Construction Bank dipped 0.14 percent, China Merchants Bank dropped 1.02 percent, China Life Insurance eased 0.10 percent, Ping An Insurance collected 0.47 percent, PetroChina slid 0.13 percent, China Petroleum and Chemical (Sinopec) lost 0.17 percent, China Shenhua Energy skidded 0.92 percent, Gemdale lost 0.82 percent, Poly Developments tumbled 1.11 percent, China Vanke fell 0.75 percent, CITIC Securities retreated 1.62 percent and Industrial and Commercial Bank of China was unchanged.
The lead from Wall Street offers little guidance as the major averages shook off an early spike Tuesday and finished roughly flat.
The Dow shed 26.72 points or 0.10 percent to finish at 25,887.38, while the NASDAQ added 9.47 points or 0.12 percent to 7,723.95 and the S&P 500 fell 0.37 points or 0.01 percent to 2,832.57.
The early strength on Wall Street partly reflected continued optimism about U.S.-China trade talks, although that ebbed on reports that China is pushing back against American demands.
Traders were also reluctant to make big moves ahead of the Federal Reserve's monetary policy decision later today. The Fed is widely expected to leave interest rates unchanged, although the accompanying statement may provide clues about the outlook for rates.
Crude oil futures settled marginally lower on Tuesday, as traders weighed the supply and demand situation in the market. West Texas Intermediate Crude oil futures for April ended down $0.06 or 0.1 percent at $59.03 a barrel.
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