BEIJING (dpa-AFX) - The China stock market has finished lower in back-to-back sessions, slumping more than 75 points or 2.1 percent along the way. The Shanghai Composite Index now sits just beneath the 3,660-point plateau and it's looking at another soft start again on Friday.
The global forecast for the Asian markets is negative on rising oil prices and continued pressure on the technology sectors. The European and U.S. markets were mostly lower on Thursday and the Asian markets are expected to open in similar fashion.
The SCI finished sharply lower on Thursday following losses from the technology and energy companies.
For the day, the index dropped 55.00 points or 1.48 percent to finish at 3,658.03 after trading between 3,649.86 and 3,714.48.
The lead from Wall Street is weak as the major averages opened lower on Thursday and largely stayed that way, although the Dow managed to peak above the line at the close.
The Dow rose 11.89 points or 0.02 percent to finish at 52,867.98, while the NASDAQ plunged 694.00 points or 2.60 percent to end at 26,008.86 and the S&P 500 slumped 93.74 points or 1.21 percent to close at 7,663.43.
The sharp pullback on Wall Street came as tech stocks came under pressure amid renewed concerns about debt-fueled AI infrastructure spending. Concern about artificial intelligence trade seems to shift on a daily basis, contributing to substantial volatility in the markets.
Stocks such as Nvidia (NVDA), CoreWeave (CRWV), Meta Platforms (META) and Tesla (TSLA) were down on liquidity concerns.
Crude oil prices surged on Thursday on rising concerns of long-term supply disruptions following reports that the U.S. and Israel are planning a joint military operation against Iran after the U.S. midterm elections in November. West Texas Intermediate crude for December delivery was up $2.19 or 2.25 percent at $99.34 per barrel.
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