China Stock Market Tipped To Remain Rangebound

RTTNews | 1120天前

(RTTNews) - The China stock market has alternated between positive and negative finishes through the last five trading days since the end of the three-day losing streak in which it had slumped almost 55 points or 1.7 percent. The Shanghai Composite Index now sits just beneath the 3,260-point plateau although it's expected to see renewed consolidation again on Tuesday.

The global forecast for the Asian markets suggests mild consolidation amid concerns over growth and sinking oil prices. The European and U.S. markets were slightly lower and the Asian bourses are expected to follow that lead.

The SCI finished slightly higher on Monday as gains from the energy and resource stocks were offset by weakness from the financials and properties.

For the day, the index picked up 6.72 points or 0.21 percent to finish at 3,259.96 after trading between 3,225.55 and 3,264.30. The Shenzhen Composite Index climbed 21.24 points or 0.97 percent to end at 2,202.49. Among the actives, Industrial and Commercial Bank of China fell 0.23 percent, while Bank of China shed 0.65 percent, China Construction Bank lost 0.54 percent, China Merchants Bank retreated 1.57 percent, Bank of Communications sank 0.65 percent, China Life Insurance declined 1.40 percent, Jiangxi Copper rose 0.18 percent, Aluminum Corp of China (Chalco) dropped 0.86 percent, Yankuang Energy surged 4.42 percent, PetroChina increased 0.38 percent, Huaneng Power plunged 3.56 percent, China Shenhua Energy climbed 1.21 percent, Gemdale tanked 2.98 percent, Poly Developments tumbled 2.52 percent, China Vanke slumped 1.98 percent, China Fortune Land was down 1.36 percent and Beijing Capital Development and China Petroleum and Chemical (Sinopec) were unchanged.

The lead from Wall Street ends up mildly negative as the major averages opened lower on Monday and bounced back and forth across the unchanged line before finally ending slightly in the red.

The Dow shed 45.95 points or 0.14 percent to finish at 32,799.18, while the NASDAQ fell 21.71 points or 018 percent to close at 12,368.98 and the S&P 500 dipped 11.67 points or 0.28 percent to end at 4,118.62.

Worries about slowing growth weighed on sentiment, but fairly encouraging corporate earnings updates helped limit market's downside.

In addition, investors are looking ahead to the crucial non-farm payroll data due later in the week.

In economic news, the S&P Global US Manufacturing PMI was revised slightly lower in July, while the Commerce Department said U.S. construction spending fell more than expected in June. Also, the Institute for Supply Management's Manufacturing PMI was down slightly in July but not as much as feared.

Crude oil prices fell sharply on Monday amid concerns about outlook for energy demand and ahead of this week's OPEC+ meeting. West Texas Intermediate Crude oil futures for September ended lower by $4.73 or 4.8 percent at $93.89 a barrel.

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