BEIJING (dpa-AFX) - The China stock market on Tuesday ended the two-day winning streak in which it had gathered more than 20 points or 0.6 percent. The Shanghai Composite Index now rests just above the 3,050-point plateau and it's tipped to open the red again on Wednesday.
The global forecast for the Asian markets is soft on concerns regarding the coronavirus outbreak in China. The European and U.S. markets were down and the Asian bourses figure to follow that lead.
The SCI finished sharply lower on Tuesday following losses from the financial shares, properties and oil and insurance companies.
For the day, the index tumbled 43.65 points or 1.41 percent to finish at 3,052.14 after trading between 3,051.23 and 3,085.79. The Shenzhen Composite Index retreated 23.42 points or 1.28 percent to end at 1,806.54.
Among the actives, Industrial and Commercial Bank of China skidded 1.20 percent, while Bank of China shed 0.55 percent, China Construction Bank dropped 0.85 percent, China Merchants Bank sank 1.36 percent, China Life Insurance lost 2.19 percent, Ping An Insurance tumbled 2.28 percent, PetroChina shed 1.03 percent, China Petroleum and Chemical (Sinopec) fell 0.79 percent, China Shenhua Energy retreated 1.02 percent, Gemdale plummeted 2.96 percent, Poly Developments cratered 3.32 percent and China Vanke declined 2.21 percent.
The lead from Wall Street is negative as stocks fluctuated on Tuesday before ending in the red, pulling back from last week's record closing highs.
The Dow shed 152.06 points or 0.52 percent to 29,196.04, while the NASDAQ lost 18.14 points or 0.19 percent to 9,370.81 and the S&P 500 fell 8.83 points or 0.27 percent to 3,320.79.
Stocks moved to the downside on concerns about the economic impact of the coronavirus outbreak. Chinese officials said the coronavirus outbreak has resulted in six deaths among nearly 300 confirmed cases, with the virus confirmed to be transmissible among humans.
Adding to the negative sentiment, the International Monetary Fund downwardly revised its forecast for global economic outlook on bigger than expected slowdowns in emerging markets like India.
Crude oil prices edged lower on Tuesday after the Energy Information Administration (EIA) said the sharp climb in U.S. oil production outweighed concerns about supply disruptions in Libya. West Texas Intermediate Crude oil futures for March, slipped $0.20 or 0.3 percent to $58.38 a barrel.
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