BEIJING (dpa-AFX) - The China stock market on Wednesday snapped the three-day winning streak in which it had jumped almost 100 points or 2.3 percent. The Shanghai Composite Index now sits just above the 4,125-point plateau and it may take further damage on Thursday.
The global forecast for the largely overbought Asian markets is negative thanks to geopolitical concerns, with tech shares likely to lead the way lower. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.
The SCI finished modestly lower on Wednesday following losses from the financial shares, energy companies and property stocks.
For the day, the index sank 12.67 points or 0.31 percent to finish at 4,126.09 after trading between 4,103.62 and 4,190.87. The Shenzhen Composite Index added 17.37 points or 0.65 percent to end at 2,693.41.
Among the actives, Industrial and Commercial Bank of China lost 1.54 percent, while Bank of China dropped 1.44 percent, Agricultural Bank of China contracted 1.71 percent, China Merchants Bank declined 2.58 percent, Bank of Communications sank 0.71 percent, China Life Insurance slumped 2.84 percent, Jiangxi Copper surged 4.53 percent, Aluminum Corp of China (Chalco) tumbled 2.43 percent, Yankuang Energy eased 0.07 percent, PetroChina surrendered 2.28 percent, Huaneng Power skidded 1.08 percent, China Shenhua Energy fell 0.38 percent, Gemdale retreated 1.27 percent, Poly Developments stumbled 2.78 percent, China Vanke tanked 2.90 percent and China Petroleum and Chemical (Sinopec) was unchanged.
The lead from Wall Street is weak as the major averages opened in the red on Wednesday and remained under water throughout the session.
The Dow slumped 42.36 points or 0.09 percent to finish at 49,149.63, while the NASDAQ stumbled 238.12 points or 1.00 percent to end at 23,471.12 and the S&P 500 sank 37.14 points or 0.53 percent to close at 6,926.60.
The weakness on Wall Street may partly have reflected growing concerns about rising geopolitical tensions around the world.
President Donald Trump's threats to take control of Greenland have made headlines recently, while traders are also keeping an eye on political unrest in Iran and the ongoing Russia-Ukraine war.
In economic news, the Commerce Department said retail sales in the U.S. increased more than expected in November. Also, the Labor Department noted a modest increase by U.S. producer prices in November.
Crude oil prices posted sharp gains Wednesday as the probability of U.S. intervention to end the crisis in Iran raises supply-related concerns. West Texas Intermediate crude for February delivery was up $0.76 or 1.24 percent at $61.91 per barrel.
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