BEIJING (dpa-AFX) - The China stock market has finished lower in two of three trading days since the end of the two-day winning streak in which it had gained almost 40 points or 1.1 percent. The Shanghai Composite Index now sits just above the 3,650-point plateau and it may extend those losses on Friday.
The global forecast for the Asian markets is soft with renewed selling pressure likely among the technology stocks. The European markets were up and the U.S. markets were down and the Asian bourses figure to follow the latter lead.
The SCI finished modestly lower on Thursday as losses from the technology stocks were mitigated by support from the energy companies.
For the day, the index sank 30.04 points or 0.82 percent to finish at 3,651.43 after trading between 3,645.26 and 3,678.46. The Shenzhen Composite Index tumbled 60.85 points or 2.80 percent to end at 2,113.30.
The lead from Wall Street is negative as the major averages opened under water on Thursday and stayed that way throughout the trading day, although they came off session lows.
The Dow shed 132.54 points or 0.25 percent to finish at 52,342.56, while the NASDAQ tumbled 365.13 points or 1.38 percent to end at 26,184.72 and the S&P 500 sank 23.59 points or 0.30 percent to close at 7,720.39.
The sharp pullback by the NASDAQ came as technology stocks came under pressure as concerns about artificial trade once again resurfaced on Wall Street.
Google parent Alphabet (GOOGL) led the way lower, plunging by 13.2 percent after reporting weaker-than-expected third quarter revenue as well as negative free cash flow.
On the U.S. economic front, a closely watched report from the Commerce Department showed consumer prices in the U.S. increased in line with estimates in the month of September.
Crude oil prices moved lower on Thursday on expectations of a possible de-escalation in the U.S.-Iran conflict as Qatar presses Iran to negotiate with the U.S. West Texas Intermediate crude for December delivery was down $0.79 or 0.77 percent at $101.99 per barrel.
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