BEIJING (dpa-AFX) - The China stock market has finished lower in three straight sessions, sinking more than 100 points or 2.5 percent along the way. The Shanghai Composite Index now sits just above the 4,130-point plateau although it may open to the upside on Tuesday.
The global forecast for the Asian markets is soft on ongoing pessimism over the conflict in the Middle East and concerns over the outlook for interest rates. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The SCI finished barely lower on Monday as losses from the financials, properties and resource stocks were mitigated by support from the oil companies.
For the day, the index lost 3.86 points or 0.09 percent to finish at 4,131.53 after trading between 4,108.60 and 4,145.66. The Shenzhen Composite Index perked 0.97 points or 0.03 percent to end at 2,862.44.
Among the actives, Industrial and Commercial Bank of China lost 0.69 percent, while Bank of China sank 0.80 percent, Agricultural Bank of China skidded 1.05 percent, China Merchants Bank shed 0.48 percent, Bank of Communications dropped 0.89 percent, China Life Insurance retreated 1.73 percent, Jiangxi Copper stumbled 2.01 percent, Aluminum Corp of China (Chalco) plunged 3.75 percent, Yankuang Energy soared 4.21 percent, PetroChina was up 0.26 percent, China Petroleum and Chemical (Sinopec) perked 0.19 percent, Huaneng Power fell 0.40 percent, China Shenhua Energy rose 0.33 percent, Gemdale crashed 3.14 percent, Poly Developments tumbled 2.58 percent and China Vanke tanked 2.65 percent.
The lead from Wall Street is weak as the major averages opened higher on Monday but quickly turned tail, finally ending mixed.
The Dow gained 159.95 points or 0.32 percent to finish at 49,686.12, while the NASDAQ slumped 134.41 points or 0.51 percent to end at 26,090.73 and the S&P 500 dipped 5.45 points or 0.07 percent to close at 7,403.05.
The U.S.-Iran war has effectively closed the vital Strait of Hormuz, leading to a spike in crude oil prices and concerns about inflation and the outlook for interest rates.
Treasury yields soared last Friday amid speculation that the Federal Reserve's next interest rate move could be an increase rather than a cut.
The price of crude oil and treasury yields moved to the upside over the course of the day, adding to the negative sentiment on Wall Street.
Crude oil prices surged on Monday as the U.S. takes time to respond to Iran's new peace proposal. West Texas Intermediate crude for June was last up $3.27 or 3.10 percent at $108.69 per barrel.
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