BEIJING (dpa-AFX) - The China stock market on Monday snapped the five-day winning streak in which it had surged more than 250 points or 8.5 percent. The Shanghai Composite Index now rests just beneath the 3,245-point plateau and it may take further damage again on Tuesday.
The global forecast for the Asian markets is mixed and flat, with expected profit taking likely offset by a jump in crude oil prices. The European and U.S. markets were little changed and the Asian markets are predicted to follow that lead.
The SCI finished barely lower on Monday as losses from the properties were offset by support from the financials and oil companies.
For the day, the index eased 1.76 points or 0.05 percent to finish at 3,244.81 after trading between 3,210.52 and 3,288.45. The Shenzhen Composite Index sank 9.82 points or 0.55 percent to end at 1,770.20.
Among the actives, Gemdale skidded 0.98 percent, while Poly Developments fell 0.62 percent, China Vanke tumbled 2.11 percent, CITIC Securities plunged 2.65 percent, Industrial and Commercial Bank of China added 0.17 percent, Bank of China collected 0.26 percent, China Construction Bank dropped 0.81 percent, China Merchants Bank advanced 0.96 percent, China Life Insurance soared 2.62 percent, Ping An Insurance rose 0.49 percent, PetroChina perked 0.52 percent, China Petroleum and Chemical (Sinopec) jumped 1.69 percent and China Shenhua Energy gained 0.24 percent.
The lead from Wall Street is inconclusive as stocks opened lower on Monday before recovering later in the day to finish mixed and little changed.
The Dow shed 83.97 points or 0.32 percent to 26,341.02, while the NASDAQ added 15.19 points or 0.19 percent to 7,953.88 and the S&P 500 rose 3.03 points or 0.10 percent to 2,895.77.
Profit taking contributed to the early weakness on Wall Street following recent strength as lingering concerns about a slowdown in global economic growth inspired traders to cash in on recent gains.
However, traders seemed reluctant to make big moves ahead of earnings season, with financial giants JPMorgan Chase (JPM) and Wells Fargo (WFC) due to report quarterly results on Friday.
In economic news, the Commerce Department said new orders for manufactured goods fell slightly less than expected in February.
Crude oil prices ended higher Monday, amid escalating conflicts in Libya, along with OPEC-led production cuts and U.S. sanctions against Iran and Venezuela. West Texas Intermediate Crude oil futures for May ended up $1.32 or 2.1 percent at 64.40 a barrel, a five-month high.
Copyright RTT News/dpa-AFX
© 2019 AFX News
