BEIJING (dpa-AFX) - The China stock market on Thursday snapped the four-day winning streak in which it had advanced almost 130 points or 3.7 percent. The Shanghai Composite Index now sits just above the 3,325-point plateau and it's tipped to open in the red again on Friday.
The global forecast for the Asian markets is negative on disappointing economic data and sliding oil prices. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.
The SCI finished modestly lower on Thursday following losses from the financial shares, property stocks and oil companies.
For the day, the index slipped 8.05 points or 0.24 percent to finish at 3,325.11 after trading between 3,257.83 and 3,336.30. The Shenzhen Composite Index eased 0.50 points to end at 2,250.92.
Among the actives, Industrial and Commercial Bank of China skidded 1.18 percent, while Bank of China shed 0.58 percent, China Construction Bank dropped 1.10 percent, China Merchants Bank plunged 2.31 percent, China Life Insurance tumbled 1.81 percent, Ping An Insurance retreated 1.16 percent, PetroChina declined 1.52 percent, China Petroleum and Chemical (Sinopec) declined 1.23 percent, Baoshan Iron surrendered 1.17 percent, Gemdale tanked 2.84 percent, Poly Developments lost 1.75 percent and China Vanke fell 1.29 percent.
The lead from Wall Street is weak as stocks showed a lack of direction on Thursday before moving sharply lower as the day progressed.
The Dow tumbled 353.51 points or 1.31 percent to finish at 26,652.33, while the NASDAQ plunged 244.71 percent or 2.29 percent to end at 10,461.42 and the S&P sank 40.36 points or 1.23 percent to close at 3,235.66.
The weakness on Wall Street followed the release of some disappointing U.S. economic data, including a Labor Department report showing first-time claims for U.S. unemployment benefits increased for the first time in sixteen weeks.
A separate report from the Conference Board showed its reading on leading U.S. economic indicators increased by less than expected in the month of June.
Earlier in the day, the negative sentiment generated was partly offset by news that Senate Republicans and White House negotiators have reached a fundamental agreement on a $1 trillion coronavirus relief bill.
Crude oil futures settled lower Thursday, extending losses from the previous session amid rising concerns over excess supply in the market and the outlook for energy demand. West Texas Intermediate Crude oil futures settled at $41.07 a barrel, losing $0.83 or 2 percent.
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