BEIJING (dpa-AFX) - The China stock market turned lower again on Tuesday, one day after ending the two-day slide in which it had slipped more than 25 points or 0.6 percent. The Shanghai Composite Index now sits just beneath the 4,080-point plateau and it figures to open in the red again on Wednesday.
The global forecast for the Asian markets is negative on weakness among the tech shares and because of the ongoing conflict in the Middle East and its effect on oil prices. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.
The SCI finished slightly lower on Tuesday as losses from the resource and insurance companies were offset by gains from the property and financial sectors.
For the day, the index slipped 7.71 points or 0.19 percent to finish at 4,078.64 after trading between 4,062.87 and 4,090.20. The Shenzhen Composite Index lost 29.44 points or 1.07 percent to end at 2,727.23.
Among the actives, Industrial and Commercial Bank of China was up 0.27 percent, while Bank of China gained 0.46 percent, Agricultural Bank of China and Bank of Communications both improved 0.87 percent, China Merchants Bank collected 0.56 percent, China Life Insurance eased 0.11 percent, Jiangxi Copper skidded 1.14 percent, Aluminum Corp of China (Chalco) tanked 2.67 percent, Yankuang Energy spiked 3.17 percent, PetroChina jumped 1.84 percent, China Petroleum and Chemical (Sinopec) perked 0.19 percent, Huaneng Power shed 0.58 percent, China Shenhua Energy rallied 2.93 percent, Gemdale rose 0.37 percent, Poly Developments soared 4.43 percent and China Vanke added 0.54 percent.
The lead from Wall Street is weak as the major averages opened mixed on Tuesday but all quickly tracked to the downside and finished in the red.
The Dow shed 25.86 points or 0.05 percent to finish at 49,141.93, while the NASDAQ slumped 223.30 points or 0.90 percent to end at 24,663.80 and the S&P 500 sank 35.11 points or 0.49 percent to close at 7,138.80.
The NASDAQ pulled back well off Monday's record closing high as companies tied to artificial intelligence infrastructure came under pressure after reports said OpenAI recently missed its own targets for new users and revenue.
An extended surge by the price of crude oil also weighed on Wall Street, with U.S. crude oil futures spiking above $100 a barrel before giving ground.
Crude oil prices soared on Tuesday amid the ongoing U.S.-Iran stalemate, although it gave ground later in the day following reports that Iran readied a revised peace plan. West Texas Intermediate crude for June month delivery was up $3.44 or 3.57 percent at $99.81 per barrel.
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