China Bourse: Support Expected At 3,200 Points

RTTNews | 734 дней спустя
China Bourse: Support Expected At 3,200 Points

(RTTNews) - The China stock market has moved lower in three straight sessions, sinking almost 95 points or 3 percent along the way. The Shanghai Composite Index now sits just above the 3,200-point plateau and it's due for support on Friday.

The global forecast is murky, with support from technology stocks likely offset by concern over the ongoing U.S. debt ceiling situation. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The SCI finished slightly lower on Thursday following losses from the resource stocks and mixed performances from the financial shares and properties.

For the day, the index fell 3.49 points or 0.11 percent to finish at 3,201.26 after trading between 3,168.57 and 3,207.02. The Shenzhen Composite Index slid 3.35 points or 0.17 percent to end at 2,006.13.

Among the actives, Industrial and Commercial Bank of China shed 0.42 percent, while China Construction Bank retreated 1.43 percent, China Merchants Bank declined 1.55 percent, Bank of Communications collected 0.89 percent, China Life Insurance perked 0.13 percent, Jiangxi Copper dropped 0.87 percent, Aluminum Corp of China (Chalco) stumbled 1.52 percent, Yankuang Energy tanked 2.09 percent, PetroChina sank 0.83 percent, Huaneng Power rallied 2.73 percent, China Shenhua Energy lost 0.46 percent, Gemdale rose 0.27 percent, Poly Developments fell 0.39 percent, China Vanke improved 0.57 percent, China Fortune Land skidded 0.90 percent and Bank of China and China Petroleum and Chemical (Sinopec) were unchanged.

The lead from Wall Street is inconsistent as the major averages opened mixed on Thursday and finished the same way.

The Dow shed 35.27 points or 0.11 percent to finish at 32,764.65, while the NASDAQ surged 213.93 points or 1.71 percent to end at 12,698.09 and the S&P 500 gained 36/04 points or 0.88 percent to close at 4,151.28.

The rebound on Wall Street reflected strong earnings news from Nvidia (NVDA), which reported better than expected results and forecasting Q2 revenue well above estimates - resulting in a surge by the Philadelphia Semiconductor Index.

Traders also kept an eye on any developments in the U.S. debt ceiling negotiations amid lingering concerns about a potential default. Reflecting the default concerns, Fitch Ratings placed the United States "AAA" credit on "rating watch negative," signaling downside risks to U.S. creditworthiness.

In economic news, a revision from the Commerce Department showed economic growth in the U.S. slowed less than estimated in the first quarter of 2023. Also, the Labor Department showed a modest increase in first-time claims for U.S. unemployment benefits last week.

Crude oil prices fell sharply Thursday, snapping a three-day winning streak, after Russia's Deputy Prime Minister said Russia won't agree on any additional cut in crude production. West Texas Intermediate Crude oil futures for July ended down $2.51 or 3.4 percent at $71.83 a barrel.

read more
Renewed Selling Pressure Expected For Taiwan Shares

Renewed Selling Pressure Expected For Taiwan Shares

The Taiwan stock market on Wednesday ended the four-day losing streak in which it had given up more than 460 points or 2.2 percent. The Taiwan Stock Exchange now sits just above the 21,350-point plateau although it may head south again on Thursday.
RTTNews | 25 минут назад
Singapore Bourse May Run Out Of Steam On Thursday

Singapore Bourse May Run Out Of Steam On Thursday

The Singapore stock market has moved higher in two straight sessions, advancing more than 35 points or 0.9 percent along the way. The Straits Times Index now sits just above the 3,910-point plateau although the rally may stall on Thursday.
RTTNews | 55 минут назад
Losing Streak May Continue For Malaysia Stock Market

Losing Streak May Continue For Malaysia Stock Market

The Malaysia stock market has moved lower in three straight sessions, slipping more than a dozen points or 0.9 percent in that span. The Kuala Lumpur Composite Index now sits just beneath the 1,525-point plateau and it's looking at another soft start again on Thursday.
RTTNews | 1ч 25мин назад
Japan Stock Market May Extend Wednesday's Losses

Japan Stock Market May Extend Wednesday's Losses

The Japan stock market on Wednesday snapped the three-day winning streak in which it had collected almost 750 points or 2 percent. The Nikkei 225 now sits just above the 27,720-point plateau and it may take further damage on Thursday.
RTTNews | 1ч 40мин назад
KOSPI Likely To Remain Rangebound

KOSPI Likely To Remain Rangebound

The South Korea stock market has moved higher in two of three trading days since the end of the two-day slide in which it had given up almost 35 points or 1.4 percent. The KOSPI now rests just above the 2,670-point plateau and it may hand back some of those gains on Thursday.
RTTNews | 1ч 55мин назад
Korea Rate Decision Due On Thursday

Korea Rate Decision Due On Thursday

The Bank of Korea will wrap up its monetary policy meeting and then announce its decision on interest rates, highlighting a light day for Asia-Pacific economic activity. The BoK is widely expected to keep its benchmark lending rate unchanged at 2.75 percent.
RTTNews | 2ч 55мин назад
Euro Falls Against Most Majors

Euro Falls Against Most Majors

The euro fell against its most major counterparts in the New York session on Wednesday.
RTTNews | 4ч 16мин назад
Swiss Market Ends Notably Lower

Swiss Market Ends Notably Lower

Swiss stocks turned in a weak performance on Wednesday, losing ground gradually after opening marginally down, as uncertainty about U.S. government's trade policies rendered the mood cautious.
RTTNews | 7ч 37мин назад