BEIJING (dpa-AFX) - The China stock market turned lower again on Wednesday, one day after ending the three-day slide in which it had slumped more than 125 points or 3 percent. The Shanghai Composite Index now sit just above the 3,990-point plateau and it's tipped to open under pressure again on Thursday.
The global forecast for the Asian markets is weak on further escalating tensions in the Middle East. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The SCI finished modestly lower on Wednesday as losses from the energy and resource stocks were offset by gains from the financials and properties.
For the day, the index fell 16.80 points or 0.42 percent to finish at 3,993.23 after trading between 3,963.44 and 4,006.31. The Shenzhen Composite Index tumbled 54.16 points or 1.97 percent to end at 2,688.46.
Among the actives, Industrial and Commercial Bank of China rallied 1.99 percent, while Bank of China vaulted 1.47 percent, Agricultural Bank of China jumped 1.67 percent, China Merchants Bank climbed 1.07 percent, Bank of Communications collected 0.87 percent, China Life Insurance soared 4.50 percent, Jiangxi Copper tumbled 2.10 percent, Aluminum Corp of China (Chalco) shed 0.49 percent, Yankuang Energy crashed 4.90 percent, PetroChina dropped 0.97 percent, China Petroleum and Chemical (Sinopec) dipped 0.21 percent, Huaneng Power plunged 3.55 percent, China Shenhua Energy tanked 3.00 percent, Gemdale added 0.40 percent, Poly Developments rose 0.39 percent and China Vanke advanced 0.96 percent.
The lead from Wall Street is broadly negative as the major averages opened lower and continued trend deeper into the red as the day progressed, ending at session lows.
The Dow tumbled 953.33 points or 1.87 percent to finish at 49,918.78, while the NASDAQ tanked 509.32 points or 1.98 percent to end at 25,169.50 and the S&P 500 slumped 119.66 points or 1.62 percent.
The weakness that emerged on Wall Street came as President Donald Trump ramped up his threats against Iran following a recent exchange of attacks.
Trump's latest threats came after U.S. Central Command said forces completed 'self-defense strikes' against Iran on Tuesday at the president's direction in response to the downing of a U.S. helicopter.
In economic news, the Labor Department reported that consumer prices in the U.S. increased in line with estimates in May. Core consumer price growth also matches expectations.
Crude oil prices surged Wednesday on concerns about the gulf conflict intensifying further after the U.S. and Iran resumed attacks, keeping the Strait of Hormuz closed. West Texas Intermediate crude for July delivery was up $2.26 or 2.56 percent at $90.46 per barrel.
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