BEIJING (dpa-AFX) - The China stock market headed south again on Tuesday, one day after snapping the four-day losing streak in which it had stumbled more than 60 points or 1.8 percent. The Shanghai Composite Index now sits just beneath the 3,340-point plateau and it's expected to extend its losses on Wednesday.
The global forecast for the Asian markets suggests mild consolidation after significant upside in recent sessions, with a rising number of coronavirus cases also likely to weigh. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.
The SCI finished slightly lower on Tuesday as losses from the resource stocks were mitigated by support from the financial shares and properties.
For the day, the index fell 7.07 points or 0.21 percent to finish at 3,339.90 after trading between 3,323.95 and 3,347.70. The Shenzhen Composite Index sank 20.49 points or 0.90 percent to end at 2,269.33.
Among the actives, Industrial and Commercial Bank of China collected 0.40 percent, while China Construction Bank advanced 0.93 percent, China Merchants Bank jumped 1.95 percent, Bank of Communications added 0.66 percent, China Life Insurance was up 0.02 percent, Jiangxi Copper skidded 1.26 percent, Aluminum Corporation of China (Chalco) plunged 2.90 percent, Yanzhou Coal Mining lost 0.41 percent, PetroChina perked 0.71 percent, China Petroleum and Chemical (Sinopec) gained 0.49 percent, Baoshan Iron tanked 2.75 percent, Gemdale surged 4.19 percent, Poly Developments soared 3.56 percent, China Vanke spiked 257 percent, Beijing Capital Development climbed 1.42 percent and Bank of China was unchanged.
The lead from Wall Street is soft as stocks opened lower on Tuesday, pared the losses as the day progressed but still ended in the red after two sessions of solid gains.
The Dow shed 167.09 points or 0.56 percent to finish at 28.783.35, while the NASDAQ lost 24.79 points or 0.21 percent to end at 11,899.34 and the S&P 500 fell 17.38 points or 0.48 percent to close at 3,609.53.
Profit taking contributed to the initial pullback on Wall Street after the strength seen in the previous session lifted the Dow and the S&P 500 to new record closing highs.
The markets were also troubled by data that showed more than 166,000 news coronavirus cases on Monday, with the total number of cases in the U.S. now exceeding 11 million.
In economic news, the Commerce Department said retail sales rose less than expected in October, while the Federal Reserve noted a significant rebound in U.S. industrial production last month.
Crude oil futures contracts ended slightly higher on Tuesday as hopes for tighter production cuts by OPEC outweighed surging coronavirus. West Texas Intermediate Crude oil futures for December ended up $0.09 or 0.2 percent at $41.43 a barrel.
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