BEIJING (dpa-AFX) - The China stock market turned lower again on Monday, one session after it had ended the three-day slide in which it had fallen almost 40 points or 1.3 percent. The Shanghai Composite Index now rests just above the 2,930-point plateau and it's tipped to open under pressure again on Tuesday.
The global forecast for the Asian markets is modestly negative, with weakness from technology stocks likely offset by mild upside from crude oil prices. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.
The SCI finished sharply lower on Monday with damage across the board - especially from the financials, insurance companies and energy producers.
For the day, the index plummeted 77.70 points or 2.58 percent to finish at 2,933.36 after trading between 2,918.72 and 2,997.81. The Shenzhen Composite Index plunged 46.40 points or 2.90 percent to end at 1,554.80.
Among the actives, Industrial and Commercial Bank of China skidded 1.41 percent, while Bank of Communications declined 0.97 percent, Bank of China dropped 1.07 percent, China Merchants Bank sank 2.50 percent, China Construction Bank retreated 1.06 percent, China Life Insurance tumbled 3.64 percent, Ping An Insurance lost 2.49 percent, China Shenhua Energy plunged 3.35 percent, PetroChina fell 1.60 percent, Gemdale was down 1.81 percent, Poly Developments shed 0.74 percent, China Vanke dipped 1.02 percent and CITIC lost 1.57 percent.
The lead from Wall Street is soft as stocks opened lower on Monday as stayed in the red throughout the session.
The Dow shed 115.98 points or 0.43 percent to 26,806.14, while the NASDAQ lost 63.41 points or 0.78 percent to 8,098.38 and the S&P 500 fell 14.46 points or 0.48 percent to 2,975.95.
The weakness on Wall Street partly reflected waning optimism about a near-term interest rate cut following last Friday's much better than expected jobs data.
A drop by Apple (AAPL) also weighed on markets, with the tech giant tumbling by 2.1 percent after a downgrade on the company's stock.
Crude oil futures settled modestly higher Monday amid rising geopolitical tensions and on hopes for monetary easing by the Federal Reserve this month. West Texas Intermediate Crude oil futures for August rose $0.15 or 0.3 percent at $57.66 a barrel.
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