BEIJING (dpa-AFX) - The China stock market has tracked lower in three straight sessions, slipping more than 50 points or 1.2 percent along the way. The Shanghai Composite Index now sits just above the 4,110-point plateau although it may stop the bleeding on Friday.
The global forecast for the Asian markets is cautiously optimistic, although any upside is likely to be capped by profit taking and slumping oil prices. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The SCI finished modestly lower on Thursday as losses from the financial shares were offset by support from the resource and property sectors.
For the day, the index sank 13.49 points or 0.33 percent to finish at 4,112.60 after trading between 4,096.85 and 4,133.07. The Shenzhen Composite Index fell 3.49 points or 0.13 percent to end at 2,689.92.
Among the actives, Industrial and Commercial Bank of China dipped 0.13 percent, while Bank of China sank 0.73 percent, Agricultural Bank of China stumbled 2.01 percent, China Merchants Bank collected 0.10 percent, Bank of Communications retreated 1.56 percent, China Life Insurance declined 1.51 percent, Jiangxi Copper soared 3.68 percent, Aluminum Corp of China (Chalco) improved 0.81 percent, Yankuang Energy shed 0.64 percent, PetroChina vaulted 1.22 percent, China Petroleum and Chemical (Sinopec) slumped 0.34 percent, Huaneng Power gained 0.82 percent, China Shenhua Energy lost 0.43 percent, Gemdale expanded 1.29 percent, Poly Developments jumped 1.59 percent and China Vanke rallied 3.41 percent.
The lead from Wall Street is positive as the major averages opened higher on Thursday and remained in the green throughout the trading day.
The Dow jumped 292.81 points or 0.60 percent to finish at 49,442.44, while the NASDAQ added 58.27 points or 0.25 percent to close at 23,530.02 and the S&P 500 rose 17.87 points or 0.26 percent to end at 6,944.47.
The early strength on Wall Street reflected a positive reaction to earnings news from Taiwan Semiconductor (TSM), with the chipmaker surging by 4.4 percent.
Taiwan Semiconductor jumped after reporting a sharp increase in fourth quarter profits and announced larger-than-expected capital spending plans, contributing to renewed confidence in the artificial intelligence trade.
Positive sentiment may also have been generated by a Labor Department report showing first-time claims for U.S. unemployment benefits unexpectedly dipped last week.
Crude oil prices plummeted on Thursday as the potential for a U.S.-Iran confrontation diminished for the time being. West Texas Intermediate crude for February delivery was down $2.83 or 4.56 percent at $59.19 per barrel.
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