BEIJING (dpa-AFX) - The China stock market has moved lower in two of three trading days since the end of the three-day winning streak in which it had advanced almost 60 points or 2 percent. The Shanghai Composite Index now rests just beneath the 3,075-point plateau and it may continue to spin its wheels on Tuesday.
The global forecast for the Asian markets is mixed, with support from energy stocks likely limited by weakness from technology companies. The European and U.S. markets were mixed and the Asian markets figure to follow suit.
The SCI finished modestly lower on Monday as losses from the financials were offset by support from the properties and oil companies.
For the day, the index slipped 10.54 points or 0.34 percent to finish at 3,073.75 after trading between 3,063.40 and 3,102.58.
Among the actives, Industrial and Commercial Bank of China shed 0.43 percent, while Bank of China lost 0.62 percent, China Merchants Bank sank 0.70 percent, Bank of Communications collected 0.61 percent, China Life Insurance dropped 0.87 percent, Jiangxi Copper climbed 1.35 percent, Aluminum Corp of China (Chalco) added 0.44 percent, Yankuang Energy rallied 2.75 percent, PetroChina perked 0.19 percent, China Petroleum and Chemical (Sinopec) gained 0.46 percent, Huaneng Power tanked 2.25 percent, China Shenhua Energy improved 0.65 percent, Gemdale surged 3.63 percent, Poly Developments spiked 2.11 percent, China Vanke strengthened 1.12 percent, Beijing Capital Development soared 3.24 percent and China Construction Bank was unchanged.
The lead from Wall Street is inconsistent as the major averages opened lower on Monday but saw time on both sides of the unchanged line, eventually ending mixed.
The Dow rose 26.76 points or 0.08 percent to finish at 32,223.42, while the NASDAQ plummeted 142.21 points or 1.20 percent to end at 11,662.79 and the S&P 500 sank 15.88 points or 0.39 percent to close at 4,008.01.
Disappointing economic data from the U.S., Europe and China weighed on sentiment, prompting investors to largely stay cautious.
A downward revision in EU growth forecast by the European Commission, as did data showing German wholesale price inflation hitting a record high.
In U.S. economic news, the Federal Reserve Bank of New York said manufacturing activity unexpectedly contracted in May.
Crude oil futures shrugged off early weakness and settled sharply higher on Monday, buoyed by rising gasoline prices after a drop in stockpiles. West Texas Intermediate Crude oil futures for June ended higher by $3.71 or 3.4 percent at $114.20 a barrel.
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