BEIJING (dpa-AFX) - The China stock market has finished lower in three straight sessions, sliding more than 90 points or 3 percent along the way. The Shanghai Composite Index now rests just above the 2,915-point plateau although it's due for support on Thursday.
The global forecast for the Asian markets is upbeat in surging crude oil prices and renewed optimism for the outlook on interest rates. The European markets were down and the U.S. bourses were up - and the Asian markets also figure to open higher.
The SCI finished modestly lower on Wednesday following losses from the financial shares and oil companies.
For the day, the index sank 12.93 points or 0.44 percent to finish at 2,915.30 after trading between 2,908.16 and 2,936.75. The Shenzhen Composite Index fell 7.24 points or 0.46 percent to end at 1,550.87.
Among the actives, Industrial and Commercial Bank of China shed 0.54 percent, while Bank of China slid 0.27 percent, China Merchants Bank fell 0.48 percent, China Construction Bank skidded 1.41 percent, China Life Insurance lost 0.49 percent, Ping An Insurance collected 0.40 percent, PetroChina sank 0.75 percent, China Petroleum and Chemical (Sinopec) tumbled 1.14 percent, China Shenhua Energy rose 0.42 percent, Gemdale was down 0.40 percent, Poly Developments eased 0.15 percent and China Vanke rose 0.07 percent.
The lead from Wall Street is positive as stocks opened higher on Wednesday, gave ground in the afternoon but still finished in the green.
The Dow added 76.71 points or 0.29 percent to 26,860.20, while the NASDAQ gained 60.80 points or 0.75 percent to 8,202.53 and the S&P 500 rose 13.44 points or 0.45 percent to 2,993.07.
Early buying interest was generated by Federal Reserve Chairman Jerome Powell's remarks before the House Financial Services Committee. Powell told lawmakers that crosscurrents, such as trade tensions and concerns about global growth, have continued to weigh on the U.S. economic outlook since the central bank's June meeting.
Powell's comments led to renewed optimism about a potential rate cut by the Fed at its next meeting later this month. Mirroring Powell's remarks, the minutes of the central bank's June meeting released later in the day said many participants believe the case for lowering interest rates has strengthened.
Crude oil prices rose sharply Wednesday after data showed a larger than expected decline in U.S. crude stockpiles last week. West Texas Intermediate Crude oil futures for August ended up $2.60 or 4.5 percent at $60.43 a barrel, a seven-week high.
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