BEIJING (dpa-AFX) - The China stock market on Thursday ended the two-day winning streak in which it had risen more than 35 points or 0.8 percent. The Shanghai Composite Index now sits just beneath the 4,130-point plateau and it's expected to open to the downside again on Friday.
The global forecast for the Asian markets remains negative on surging oil prices and raging war in the Middle East. The European and U.S. markets were down and the Asian bourses are expected to follow suit.
The SCI finished slightly lower on Thursday as losses from the property stocks were mitigated by support from the financials and energy companies.
For the day, the index dipped 4.33 points or 0.10 percent to finish at 4,129.10 after trading between 4,103.16 and 4,141.65. The Shenzhen Composite Index fell 18.67 points or 0.68 percent to end at 2,725.35.
Among the actives, Industrial and Commercial Bank of China collected 0.56 percent, while Bank of China gained 0.19 percent, Agricultural Bank of China and Bank of Communications both perked 0.15 percent, China Life Insurance slumped 1.01 percent, Jiangxi Copper skidded 1.02 percent, Aluminum Corp of China (Chalco) surged 5.73 percent, Yankuang Energy skyrocketed 10.02 percent, PetroChina improved 0.82 percent, China Petroleum and Chemical (Sinopec) sank 0.77 percent, Huaneng Power vaulted 2.20 percent, China Shenhua Energy spiked 2.99 percent, Gemdale lost 0.64 percent, China Vanke shed 0.43 percent and Poly Developments and China Merchants Bank were unchanged.
The lead from Wall Street is weak as the major averages opened firmly in the red and remained under water throughout the session, ending at daily lows.
The Dow tumbled 739.42 points or 1.56 percent to finish at 46,677.85, while the NASDAQ plunged 404.15 points or 1.78 percent to end at 22,311.98 and the S&P 500 slumped 103.18 points or 1.52 percent to close at 6,672.62.
The sell-off on Wall Street came amid another sharp increase by the price of crude oil, as oil prices further offset the nosedive seen on Tuesday.
Crude oil prices surged on Thursday after the new leadership in Iran refused to bow down to U.S. pressure in the raging Middle East war and instead vowed revenge. West Texas Intermediate crude for April delivery was up $7.45 or 8.54 percent at $94.70 per barrel.
The extended rebound by the price of crude oil came amid reports three more foreign ships were struck in the Persian Gulf overnight, adding to concerns about transit through the strategically vital Strait of Hormuz.
In U.S. economic news, the Labor Department said first-time claims for U.S. unemployment benefits edged slightly lower last week.
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