BEIJING (dpa-AFX) - The China stock market has finished lower in two straight sessions, although it has fallen just 4 points or 0.1 percent in that span. The Shanghai Composite Index now rests just above the 2,890-point plateau and it may take further damage on Wednesday.
The global forecast for the Asian markets is soft on concerns of a second wave of the Covid-19 virus. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The SCI finished slightly lower on Tuesday following losses from the financial shares, property stocks and oil companies.
For the day, the index eased 3.25 points or 0.11 percent to finish at 2,891.56 after trading between 2,871.23 and 2,897.90. The Shenzhen Composite Index added 6.00 points or 0.33 percent to end at 1,810.73.
Among the actives, Industrial and Commercial Bank of China eased 0.19 percent, while Bank of China shed 0.58 percent, China Construction Bank lost 0.63 percent, China Merchants Bank skidded 1.06 percent, China Life Insurance tanked 1.94 percent, Ping An Insurance rose 0.04 percent, PetroChina retreated 0.89 percent, China Petroleum and Chemical (Sinopec) dipped 0.23 percent, Baoshan Iron fell 0.61 percent, Gemdale dropped 1.07 percent, Poly Developments eased 0.06 percent and China Vanke plunged 1.82 percent.
The lead from Wall Street is broadly negative as stocks were lackluster for much of Tuesday's trade before heading firmly south late in the day.
The Dow tumbled 457.21 points or 1.89 percent to finish at 23,764.78, while the NASDAQ plunged 189.79 points or 2.06 percent to 9,002.55 and the S&P 555 sank 60.60 points or 2.05 percent to end at 2,870.12.
The late-day pullback on Wall Street may have reflected renewed coronavirus concerns after Dr. Anthony Fauci warned of 'suffering and death' if the country reopens prematurely.
Fauci, the top U.S. infectious disease expert, and other members of the White House coronavirus task force testified before the Senate Health, Education, Labor and Pensions Committee. Fauci told the committee a vaccine is essential to stopping the spread of the coronavirus but noted a usable vaccine will not be ready in the near term.
Crude oil prices jumped on Tuesday as traders created fresh long positions on hopes output cuts by major producers will help offset concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for June ended up $1.64 or 6.8 percent at $25.78 a barrel.
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