BEIJING (dpa-AFX) - The China stock market has moved lower in back-to-back sessions, sinking almost 65 points or 1.7 percent along the way. The Shanghai Composite Index now sits just beneath the 3,825-point plateau and it's expected to open to the downside on Wednesday.
The global forecast for the Asian markets offers little clarity, although any lack of general support should be limited by support from the technology shares. The European markets were soft and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.
The SCI finished sharply lower on Tuesday following losses from the financial shares and resource stocks, while the property sector was up on bargain hunting.
For the day, the index skidded 43.11 points or 1.11 percent to finish at 3,824.81 after trading between 3,815.84 and 3,862.43. The Shenzhen Composite Index tumbled 36.80 points or 1.50 percent to end at 2,417.61.
Among the actives, Industrial and Commercial Bank of China fell 0.26 percent, while Bank of China shed 0.36 percent, Agricultural Bank of China retreated 1.60 percent, China Merchants Bank dipped 0.24 percent, Bank of Communications sank 0.82 percent, China Life Insurance tumbled 1.78 percent, Jiangxi Copper contracted 1.46 percent, Aluminum Corp of China (Chalco) tanked 2.47 percent, Yankuang Energy skidded 1.06 percent, PetroChina added 0.63 percent, China Petroleum and Chemical (Sinopec) rose 0.34 percent, Huaneng Power stumbled 1.77 percent, China Shenhua Energy gained 0.65 percent, Gemdale jumped 1.61 percent, Poly Developments perked 0.16 percent and China Vanke rallied 2.05 percent.
The lead from Wall Street is weak as the major averages hugged the line from below for most of the day, although the NASDAQ managed to break into the green.
The Dow slumped 302.30 points or 0.62 percent to finish at 48,114.26, while the NASDAQ added 54.05 points or 0.23 percent to close at 23,111.46 and the S&P 500 slipped 16.25 points or 0.24 percent to end at 6,800.26.
The choppy trading on Wall Street followed the release of the Labor Department's report on employment in November.
Most economists said the data has increased the likelihood the Federal Reserve will continue cutting interest rates in the near future, but the report also raised concerns about the strength of the economy.
A separate report released by the Commerce Department showed retail sales in the U.S. were roughly flat in October.
Crude oil prices extended recent losses Tuesday on lingering oversupply concerns, especially if an end to hostilities between Russia and Ukraine could exacerbate the supply glut. West Texas Intermediate crude for January delivery was down $1.57 or 2.8 percent to $55.25 per barrel.
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