BEIJING (dpa-AFX) - The China stock market on Monday ended the two-day winning streak in which it had gained more than 55 points or 1.7 percent. The Shanghai Composite Index now rests just above the 3,590-point plateau and it's expected to open under pressure again on Tuesday.
The global forecast for the Asian markets is murky, with interest rate concerns offset by support from crude oil prices. The European markets were mostly higher and the U.S. bourses were down and the Asian markets figure to split the difference.
The SCI finished barely lower on Monday following mixed performances from the resource stocks and energy producers, while the financials and properties offered support.
For the day, the index eased 0.46 points or 0.01 percent to finish at 3,591.71 after trading between 3,586.75 and 3,614.70. The Shenzhen Composite Index lost 10.47 points or 0.43 percent to end at 2,403.46.
Among the actives, Industrial and Commercial Bank of China collected 0.64 percent, while Bank of China added 0.33 percent, China Construction Bank climbed 1.16 percent, China Merchants Bank soared 4.06 percent, Bank of Communications rose 0.44 percent, China Life Insurance jumped 1.92 percent, Jiangxi Copper rallied 2.51 percent, Aluminum Corp of China (Chalco) retreated 1.59 percent, Yanzhou Coal skyrocketed 10 percent, PetroChina tumbled 2.07 percent, China Petroleum and Chemical (Sinopec) gained 0.65 percent, Huaneng Power tanked 3.23 percent, China Shenhua Energy surged 4.77 percent, Gemdale advanced 1.20 percent, Poly Developments accelerated 2.51 percent and China Vanke spiked 4.05 percent.
The lead from Wall Street is negative as the major averages opened higher on Monday but faded as the day progressed and ended firmly in the red.
The Dow dropped 250.19 points or 0.72 percent to finish at 34,496.06, while the NASDAQ sank 93.34 points or 0.64 percent to close at 14,486.20 and the S&P 500 lost 30.15 points or 0.69 percent to end at 4,361.19.
Lingering concerns about the Federal Reserve scaling back its asset purchases weighed on Wall Street, as last Friday's disappointing job report is not seen as likely to dissuade the central bank from tapering.
Trading activity was somewhat subdued, however, as some traders remained away from their desks for Columbus Day, also known as Indigenous Peoples' Day.
Crude oil futures spiked Monday with falling inventories, the OPEC decision to stick with a gradual production increase, and the ongoing energy crunch supporting oil prices. West Texas Intermediate Crude oil futures for November rose $1.17 or 1.5 percent to $80.52 a barrel.
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