BEIJING (dpa-AFX) - The China stock market has moved lower in four straight sessions, sinking more than 115 points or 3.4 percent in that span. The Shanghai Composite Index now rests just above the 3,370-point plateau and the losing streak figures to continue on Tuesday.
The global forecast for the Asian markets suggests further consolidation thanks to the ongoing Russian invasion of Ukraine and skyrocketing crude oi prices. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.
The SCI finished sharply lower on Monday following losses from the financial shares and energy producers, while the properties and resource stocks were mixed.
For the day, the index slumped 74.79 points or 2.17 percent to finish at 3,372.86 after trading between 3,360.74 and 3,438.56. The Shenzhen Composite Index tanked 61.23 points or 2.70 percent to end at 2,203.41.
Among the actives, Industrial and Commercial Bank of China retreated 1.48 percent, while Bank of China shed 0.63 percent, China Construction Bank skidded 1.14 percent, China Merchants Bank tanked 3.98 percent, Bank of Communications declined 1.63 percent, China Life Insurance tumbled 3.07 percent, Jiangxi Copper added 0.44 percent, Aluminum Corp of China (Chalco) rallied 2.67 percent, Yankuang Energy dropped 1.15 percent, PetroChina spiked 2.24 percent, China Petroleum and Chemical (Sinopec) lost 0.68 percent, Huaneng Power jumped 1.93 percent, China Shenhua Energy fell 0.62 percent, Gemdale climbed 1.15 percent, Poly Developments advanced 0.82 percent, China Vanke sank 0.91 percent, China Fortune Land slumped 1.28 percent and Beijing Capital Development strengthened 1.21 percent.
The lead from Wall Street is broadly negative as the major averages opened lower on Monday and saw the losses accelerate as the session progressed, ending near their worst levels of the day.
The Dow plummeted 797.42 points or 2.37 percent to finish at 32,817.38, while the NASDAQ plunged 482.48 points or 3.62 percent to close at 12,830.96 and the S&P 500 dropped 127.78 points or 2.95 percent to end at 4,201.09.
Concerns about the impact of the recent surge in oil prices contributed to the sell-off on Wall Street as crude for April delivery surged on Monday, lifted by concerns over global oil supplies amid talks the U.S. and its Western allies are likely to impose a ban on Russian oil. West Texas Intermediate Crude oil futures for April ended higher by $3.72 or 3.2 percent at $119.40 a barrel.
Higher crude oil prices are already impacting prices at the pump as the national average for a gallon of gas has reached a 14-year high of $4.065. The increase in gas prices is likely to weigh on consumers, who are already grappling with higher prices due to elevated inflation.
This all comes as the Federal Reserve prepares to raise interest rates by at least a quarter point at its monetary policy meeting next week.
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