BEIJING (dpa-AFX) - The China stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day losing streak in which it had retreated almost 30 points or 1 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 Thursday.
The global forecast for the Asian markets is soft on concerns over a new wave of the coronavirus and doubts about a new stimulus package to deal with it. The European and U.S. markets were down and the Asian markets are expected to open in similar fashion.
The SCI finished barely lower on Wednesday following mixed performances from the properties and energy producers, while the financials offered support.
For the day, the index dipped 3.08 points or 0.09 percent to finish at 3,325.02 after trading between 3,304.17 and 3,332.15. The Shenzhen Composite Index dropped 25.15 points or 1.10 percent to end at 2,254.23.
Among the actives, Industrial and Commercial Bank of China jumped 1.41 percent, while Bank of China advanced 0.93 percent, China Construction Bank climbed 1.26 percent, China Merchants Bank spiked 2.08 percent, Bank of Communications collected 0.66 percent, China Life Insurance surged 4.15 percent, Ping An Insurance rallied 1.44 percent, PetroChina rose 0.24 percent, China Shenhua Energy fell 0.36 percent, Gemdale eased 0.07 percent, Poly Developments added 0.37 percent, China Vanke gained 0.55 percent, Beijing Capital Development sank 0.60 percent and China Petroleum and Chemical (Sinopec) was unchanged.
The lead from Wall Street is negative as stocks showed a lack of direction on Wednesday, bouncing back and forth across the unchanged line before finally finishing in the red.
The Dow shed 97.97 points or 0.35 percent to finish at 28,210.82, while the NASDAQ lost 31.80 points or 0.28 percent to end at 11,484.69 and the S&P 500 slid 7.56 points or 0.22 percent to close at 3,435.56.
The choppy trading on Wall Street came as traders kept an eye on the latest developments in Washington, as lawmakers try to reach an agreement on a new stimulus bill.
However, Senate Majority Leader Mitch McConnell revealed on Tuesday that he has warned the White House not to make a deal before the elections.
Federal Reserve Governor Lael Brainard urged Congress to pass a new relief bill in a speech at an online conference hosted by the Society of Professional Economists.
Crude oil prices tumbled Wednesday, weighed by concerns over a drop in energy demand following a smaller than expected drop in oil stockpiles and an increase in gasoline inventories. West Texas Intermediate Crude oil futures for December were down $1.67 or 4 percent at $40.03 a barrel.
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