BEIJING (dpa-AFX) - The China stock market has alternated between positive and negative finishes through the last five trading days since the end of the two-day winning streak in which it had risen more than 120 points or 4.5 percent. The Shanghai Composite Index now rests just above the 2,730-point plateau and it's tipped to open lower again on Thursday.
The global forecast for the Asian markets suggests further consolidation on coronavirus concerns. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The SCI finished modestly lower on Wednesday following losses from the energy producers and mixed performances from the properties, financials and insurance companies.
For the day, the index dropped 15.77 points or 0.57 percent to end at 2,734.52 after trading between 2,731.08 and 2,773.36. The Shenzhen Composite Index fell 5.85 points or 0.35 percent to end at 1660.08.
Among the actives, Industrial and Commercial Bank of China rose 0.19 percent, while China Construction Bank collected 0.63 percent, China Merchants Bank shed 0.46 percent, China Life Insurance lost 0.72 percent, Ping An Insurance added 0.22 percent, PetroChina skidded 1.52 percent, China Petroleum and Chemical (Sinopec) dropped 0.90 percent, China Shenhua Energy tumbled 1.48 percent, Gemdale slid 0.71 percent, Poly Developments gathered 0.67 percent, China Vanke surged 3.82 percent and Bank of China was unchanged.
The lead from Wall Street is broadly negative as stocks opened lower on Wednesday and saw the losses accelerate as the day progressed.
The Dow shed 973.65 points or 4.44 percent to finish at 20,943.51, while the NASDAQ lost 339.52 points or 4.41 percent to 7,360.58 and the S&P 500 fell 114.09 points or 4.41 percent to 2,470.50.
The sell-off on Wall Street came amid renewed coronavirus concerns after White House officials warned of nearly a quarter million deaths from the pandemic, which Trump previously sought to downplay.
In economic news, payroll processor ADP noted a modest decrease in private sector employment in March, although the data does not reflect the impact of coronavirus-induced shutdowns. Also, the Institute for Supply Management saw a modest drop in manufacturing activity in March.
Crude oil prices drifted lower on Wednesday as data showed crude stockpiles in the U.S. rose for a 10th straight week. Continued worries about the outlook for energy demand amid the coronavirus outbreak also weighed on energy prices. West Texas Intermediate Crude oil futures for May dipped $0.17 or 0.8 percent at $20.31 a barrel.
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