BEIJING (dpa-AFX) - The China stock market on Tuesday halted the three-day winning streak in which it had picked up more than 25 points or 0.8 percent. The Shanghai Composite Index now sits just above the 3,500-point plateau and it may see additional selling pressure on Wednesday.
The global forecast for the Asian markets is soft, with weakness expected from the oil, finance and property stocks, while the technology companies may offer support. The European markets were down and the U.S. bourses were also mostly soft and the Asian market figure to open in the red.
The SCI finished modestly lower on Tuesday following losses from the financial shares, property stocks and resource companies.
For the day, the index lost 14.65 points or 0.42 percent to finish at 3,505.00 after trading between 3,483.38 and 3,527.04. The Shenzhen Composite Index dipped 1.34 points or 0.06 percent to end at 2,118.67.
Among the actives, Industrial and Commercial Bank of China fell 0.51 percent, while Bank of China weakened 0.87 percent, Agricultural Bank of China contracted 0.78 percent, China Merchants Bank slumped 0.77 percent, Bank of Communications lost 0.74 percent, China Life Insurance slid 0.20 percent, Jiangxi Copper sank 0.81 percent, Aluminum Corp of China (Chalco) shed 0.42 percent, Yankuang Energy declined 1.37 percent, PetroChina added 0.56 percent, China Petroleum and Chemical (Sinopec) dipped 0.17 percent, Huaneng Power skidded 1.12 percent, China Shenhua Energy perked 0.13 percent, Gemdale stumbled 2.02 percent, Poly Developments retreated 1.60 percent and China Vanke dropped 0.90 percent
The lead from Wall Street is weak as the major averages opened mixed on Tuesday and trended generally lower, remaining mixed at the close.
The Dow tumbled 436.36 points or 0.98 percent to finish at 44,023.29, while the NASDAQ gained 37.47 points or 0.18 percent to close at a record 20,677.80 and the S&P 500 sank 24,80 points or 0.40 percent to end at 6,243.76.
The uptick by the NASDAQ came amid strength in the semiconductor stocks, as reflected by the 1.3 percent gain posted by the Philadelphia Semiconductor Index. The index ended the session at its best closing level in a year.
Nvidia (NVDA) helped lead the sector higher, with the AI darling surging by 4.0 percent to a record closing high after indicating it will 'soon' resume H20 AI chip sales to China.
On the other hand, housing stocks moved sharply lower on the day, resulting in a 3.3 percent plunge by the Philadelphia Housing Sector Index. Oil service stocks also slumped amid a decrease by the price of crude oil, dragging the Philadelphia Oil Service Index down by 3.1 percent.
Crude oil price fell modestly on Tuesday as the previously predicted supply-side pressure from Russia due to President Donald Trump's sanctions waned with his 50-day ultimatum. West Texas Intermediate crude for August delivery closed down by $0.46 at $66.52 per barrel.
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