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 three-day losing streak in which it had dropped more than 45 points or 1.3 percent. The Shanghai Composite Index now rests just beneath the 3,400-point plateau and it's expected to open under pressure again on Friday.
The global forecast for the Asian markets is volatile, with weakness from oil and technology stocks likely to limit any upside. The European markets were up and the U.S. bourses were down and the Asian markets figure to at least open lower.
The SCI finished sharply lower on Thursday following losses from the financial shares and resource stocks, while the properties were mixed.
For the day, the index tumbled 61.42 points or 1.78 percent to finish at 3,394.25 after trading between 3,392.02 and 3,456.36. The Shenzhen Composite Index plunged 66.76 points or 2.87 percent to end at 2,262.41
Among the actives, Industrial and Commercial Bank of China dipped 0.21 percent, while China Merchants Bank shed 0.45 percent, Bank of Communications lost 0.62 percent, China Life Insurance tanked 2.20 percent, Jiangxi Copper plunged 3.39 percent, Aluminum Corp of China (Chalco) tumbled 2.30 percent, Yankuang Energy jumped 1.49 percent, PetroChina sank 0.76 percent, China Petroleum and Chemical (Sinopec) fell 0.47 percent, Huaneng Power plummeted 4.08 percent, China Shenhua Energy climbed 1.34 percent, Gemdale added 0.63 percent, Poly Developments gained 0.64 percent, China Vanke retreated 1.40 percent, China Fortune Land slumped 2.40 percent, Beijing Capital Development declined 1.35 percent and Bank of China and China Construction Bank were unchanged.
The lead from Wall Street is negative as the major averages opened higher on Thursday but watched those gains evaporate as the markets slid into the red as the day progressed.
The Dow dipped 7.31 points or 0.02 percent to finish at 34,160.78, while the NASDAQ plummeted 189.34 points or 1.40 percent to close at 13,352.78 and the S&P 500 lost 23.42 points or 0.54 percent to end at 4,326.51.
Stocks continued to experience intense volatility as traders weighed upbeat fourth quarter GDP against the prospect of higher interest rates.
The markets initially showed a positive reaction to a Commerce Department report showing stronger than expected GDP growth in the fourth quarter of 2021. However, traders have recently shown a reluctance to maintain any meaningful moves, resulting in another rollercoaster ride.
In other economic news, the Labor Department said initial jobless claims pulled back last week, while the Commerce Department and the National Association of Realtors noted steeper than expected drops in durable goods orders and pending home sales in December.
Crude oil prices retreated Thursday as the dollar climbed after the Fed signaled that it would start raising interest rates in March. West Texas Intermediate Crude oil futures for March ended lower by $0.74 or 0.9 percent at $86.61 a barrel.
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