BEIJING (dpa-AFX) - The China stock market on Wednesday ended the two-day slide in which it had fallen almost 65 points or 1.7 percent. The Shanghai Composite Index now sits just above the 3,870-point plateau although it's likely to mov back to he downside again on Thursday.
The global forecast for the Asian markets is negative on continuing concerns over the viability of the technology companies. 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 sharply higher on Wednesday following gains from the financial shares, and resource stocks, while the properties were mixed.
For the day, the index added 45.47 points or 1.19 percent to finish at 3,870.28 after trading between 3,818.00 and 3,881.75. The Shenzhen Composite Index jumped 40.54 points or 1.68 percent to end at 2,458.15.
Among the actives, Industrial and Commercial Bank of China perked 0.26 percent, while Bank of China gained 0.36 percent, Agricultural Bank of China climbed 1.09 percent, China Merchants Bank sank 0.43 percent, Bank of Communications collected 0.55 percent, China Life Insurance soared 3.67 percent, Jiangxi Copper jumped 2.00 percent, Aluminum Corp of China (Chalco) rallied 3.02 percent, Yankuang Energy added 0.76 percent, PetroChina lost 0.52 percent, China Petroleum and Chemical (Sinopec) rose 0.34 percent, Huaneng Power improved 0.77 percent, China Shenhua Energy shed 0.42 percent, Gemdale slid 0.31 percent, China Vanke fell 0.20 percent and Poly Developments was unchanged.
The lead from Wall Street is weak as the major averages opened mixed but quickly headed south and spent the balance of the day under water.
The Dow dropped 228.29 points or 0.47 percent to finish at 47,885.97, while the NASDAQ plunged 418.14 points or 1.81 percent to close at 22,693.32 and the S&P 500 sank 78.83 points or 1.16 percent to end at 6,721.43.
The sharp pullback seen as the day progressed came amid renewed weakness among technology stocks, as reflected by the steep drop by the tech-heavy NASDAQ.
Semiconductor stocks turned in some of the market's worst performances on the day, resulting in a 3.8 percent plunge by the Philadelphia Semiconductor Index. Computer hardware stocks and networking stocks also slumped.
On the other hand, energy stocks turned in a strong performance as the price of crude oil rebounds from its lowest levels since early 2021.
The rebound by the price of crude oil comes after U.S. President Donald Trump ordered a blockade of sanctioned oil tankers in Venezuela. West Texas Intermediate crude for January delivery was up $0.70 or 1.3 percent to end at $55.97 per barrel.
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