Losing Streak May Continue For China Stock Market

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Losing Streak May Continue For China Stock Market

(RTTNews) - The China stock market has moved lower in back-to-back sessions, sinking more than 40 points or 1.3 percent along the way. The Shanghai Composite Index now sits just beneath the 3,045-point plateau and it may take further damage on Thursday.

The global forecast for the Asian markets suggests consolidation following recent gains and rising treasury yields. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.

The SCI finished sharply lower on Wednesday following losses form the financials and resource stocks, while the properties and energy companies were mixed.

For the day, the index dropped 36.58 points or 1.19 percent to finish at the daily low of 3,044.38 after peaking at 3,081.39. The Shenzhen Composite Index shed 23.25 points or 1.16 percent to end at 1,981.84.

Among the actives, Industrial and Commercial Bank of China fell 0.23 percent, while China Construction Bank eased 0.18 percent, China Merchants Bank retreated 1.75 percent, Bank of Communications dipped 0.22 percent, China Life Insurance tanked 2.44 percent, Jiangxi Copper declined 1.53 percent, Aluminum Corp of China (Chalco) slumped1.20 percent, Yankuang Energy skidded 1.12 percent, PetroChina dropped 0.97 percent, China Petroleum and Chemical (Sinopec) sank 0.70 percent, Huaneng Power plunged 2.71 percent, China Shenhua Energy perked 0.16 percent, Gemdale added 0.40 percent, Poly Developments gained 0.48 percent, China Vanke weakened 1.28 percent, China Fortune Land surrendered 1.59 percent and Bank of China and China Minsheng Bank were unchanged.

The lead from Wall Street is soft as the major averages were unable to hold early gains on Wednesday, slipping into the red in afternoon trade and ending in negative territory.

The Dow shed 99.99 points or 0.33 percent to finish at 30,423.81, while the NASDAQ sank 91.89 points or 0.85 percent to end at 10,680.51 and the S&P 500 lost 24.82 points or 0.67 percent to close at 3,695.16.

Profit taking contributed to the pullback on Wall Street, as traders cashed in on the strong gains on Monday and Tuesday. The major averages ended Tuesday's trading well off their highs of the session, although the Dow still reached its best closing level in almost a month.

Lingering concerns about higher interest rates and the impact on the global economy also continued to weigh on the markets along with a jump in treasury yields. The yield on the benchmark 10-year note moved sharply higher following a modest pullback on Tuesday, reaching its highest levels in 14 years.

Stocks regained some ground following the release of the Federal Reserve's Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts. The Beige Book said economic activity in the U.S. has expanded modestly since September, although conditions varied across industries and districts.

Crude oil prices rose sharply Wednesday as data showed declines in U.S. crude and gasoline stockpiles last week. West Texas Intermediate Crude oil futures for November ended higher by $2.73 or 3.3 percent at $85.55 a barrel.

Closer to home, China will see October prime rate data for its one-year and five-year loans later this morning; previously, they were 3.65 percent and 4.3 percent, respectively.

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