BEIJING (dpa-AFX) - The China stock market on Wednesday ended the two-day winning streak in which it had advanced more than 75 points or 1.9 percent. The Shanghai Composite Index now sits beneath the 3,915-point plateau and the losses may accelerate on Thursday.
The global forecast for the Asian markets is soft on concerns over relations between the United States and China, while tech shares are also likely to be weak. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to follow the latter lead.
The SCI finished slightly lower on Wednesday following mixed results from the financial shares, property stocks and resource companies.
For the day, the index dipped 2.57 points or 0.07 percent to finish at 3,913.76 after trading between 3,893.32 and 3,918.59. The Shenzhen Composite Index shed 10.52 points or 0.43 percent to end at 2,452.52.
Among the actives, Industrial and Commercial Bank of China collected 1.57 percent, while Bank of China strengthened 1.30 percent, Agricultural Bank of China rallied 2.66 percent, China Merchants Bank dipped 0.07 percent, Bank of Communications jumped 1.56 percent, China Life Insurance eased 0.14 percent, Jiangxi Copper tumbled 1.59 percent, Aluminum Corp of China (Chalco) improved 1.51 percent, Yankuang Energy slumped 1.67 percent, PetroChina spiked 1.60 percent, China Petroleum and Chemical (Sinopec) added 0.73 percent, Huaneng Power climbed 1.07 percent, China Shenhua Energy increased 0.81 percent, Gemdale gained 0.72 percent, Poly Developments stumbled 1.81 percent and China Vanke sank 0.31 percent.
The lead from Wall Street is weak as the major averages opened flat but gradually turned lower as the day progressed and finished solidly under water.
The Dow stumbled 334.33 points or 0.71 percent to finish at 46,590.41, while the NASDAQ sank 213.27 points or 0.93 percent to end at 22,740.40 and the S&P 500 slumped 35.95 points or 0.53 percent to close at 6,699.40.
The slump by the tech-heavy NASDAQ was partly due to a steep drop by shares of Netflix (NFLX) and Texas Instruments (TXN) after disappointing earnings news.
The major averages fell to their lows of the session following reports that the Trump administration is considering a plan to curb an array of software-powered exports to China.
Crude oil prices surged on Wednesday on news that the proposed U.S.-Russia summit to discuss the Russia-Ukraine war has been shelved. West Texas Intermediate crude for December delivery was up $1.28 or 2.24 percent at $58.52 per barrel.
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