BEIJING (dpa-AFX) - The China stock market has tracked lower in back-to-back sessions, retreating more than 85 points or 3 percent along the way. The Shanghai Composite Index now rests just above the 2,870-point plateau and it's looking at continued consolidation again on Tuesday.
The global forecast for the Asian markets remains negative - especially for technology companies - as global trade concerns continue to dominate. The European and U.S. markets were down and the Asian bourses figure to follow that lead.
The SCI finished modestly lower on Monday as losses from the properties were tempered by support from the financials and a mixed performance from the energy producers.
For the day, the index sank 11.69 points or 0.41 percent to finish at 2,870.60 after trading between 2,838.45 and 2,882.63. The Shenzhen Composite Index lost 11.50 points or 0.75 percent to end at 1,521.72.
Among the actives, Gemdale sank 1.12 percent, while Poly Developments slid 0.40 percent, China Vanke fell 0.37 percent, Industrial and Commercial Bank of China added 0.72 percent, China Construction Bank collected 0.58 percent, Bank of China spiked 2.41 percent, China Merchants Bank eased 0.09 percent, China Life Insurance rose 0.67 percent, Ping An Insurance skidded 1.55 percent, PetroChina perked 0.42 percent, China Petroleum and Chemical (Sinopec) advanced 0.92 percent and China Shenhua Energy dropped 1.03 percent.
The lead from Wall Street is soft as stocks fluctuated on Monday but maintained a negative bias throughout the session.
The Dow shed 84.10 points or 0.33 percent to finish at 25,679.90, while the NASDAQ lost 113.91 points or 1.46 percent to 7,702.38 and the S&P 500 fell 19.30 points or 0.67 percent to 2,840.23.
Tech stocks led Wall Street lower amid ongoing concerns about the escalating U.S.-China trade dispute after Google suspended some of its business with Chinese tech giant Huawei, complying with an order by President Donald Trump to block the sale of U.S. technology to Huawei.
That added to trade concerns sparked by reports that the scheduling of the next round of U.S.-China trade talks is in flux because it is unclear what the two sides would discuss.
Crude oil prices edged higher on Monday on prospects of a likely fall in supply amid an escalation in tensions in the Middle East. West Texas Intermediate Crude oil futures for June ended up $0.34 or 0.54 percent at $63.10 a barrel.
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