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Win Streak May End For China Stock Market

  • Win Streak May End For China Stock Market

    (RTTNews) - The China stock market has finished higher in four straight sessions, gathering more than 80 points or 2.6 percent along the way. The Shanghai Composite Index now sits just beneath the 3,265-point plateau although it may run out of steam on Thursday.To get more shanghai market news, you can visit shine news official website.

    The global forecast for the Asian markets is soft on concerns for rising inflation and slowing growth. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

    The SCI finished modestly higher on Wednesday following gains from the financials, resource stocks and energy producers, while the property sector was soft.

    For the day, the index gained 22.03 points or 0.68 percent to finish at 3,263.79 after trading between 3,216.01 and 3,266.63. The Shenzhen Composite Index improved 10.84 points or 0.52 percent to end at 2,083.Among the actives, Industrial and Commercial Bank of China collected 0.65 percent, while China Construction Bank rose 0.17 percent, China Merchants Bank added 0.46 percent, Bank of Communications perked 0.20 percent, China Life Insurance was up 0.16 percent, Jiangxi Copper advanced 0.92 percent, Aluminum Corp of China (Chalco) rallied 2.97 percent, Yankuang Energy skyrocketed 9.99 percent, PetroChina spiked 2.55 percent, China Petroleum and Chemical (Sinopec) gained 0.67 percent, Huaneng Power improved 0.69 percent, China Shenhua Energy soared 4.42 percent, Gemdale shed 0.60 percent, Poly Developments retreated 1.31 percent, China Vanke gathered 0.63 percent, China Fortune Land declined 1.22 percent, Beijing Capital Development tumbled 2.66 percent and China Minsheng Bank and Bank of China were unchanged.

    The lead from Wall Street is negative as the major averages opened lower and spent most of the session in the red before finishing firmly in negative territory.The Dow shed 269.24 points or 0.81 percent to finish at 32,910.90, while the NASDAQ lost 88.96 points or 0.73 percent to end at 12,086.27 and the S&P 500 sank 44.91 points or 1.08 percent to close at 4,115.77.

    The weakness on Wall Street followed lower global growth forecasts by the World Bank and the Organization for Economic Cooperation and Development weighed as well.Higher treasury yields also caused the market's decline after they rose above the psychologically important 3 percent level, fueling concerns about inflation.

    In economic news, the Commerce Department said wholesale inventories in the United States increased more than expected in April, although they were down from the previous month.Crude oil prices climbed higher on Wednesday, buoyed by a sharp drop in gasoline inventories in the U.S. last week, and on optimism for increased demand from China. West Texas Intermediate Crude oil futures for July ended higher by $2.70 or 2.3 percent at $122.11 a barrel, hitting a three-week high.

    Closer to home, China will release May figures for imports, exports and trade balance later this morning. Imports are expected to add 2.0 percent on year after rising 0.01 percent in April. Exports are called higher by an annual 8.0 percent, up from 3.9 percent in the previous month. The trade surplus is pegged at $58 billion, up from $51.12 billion a month earlier.

      June 12, 2022 6:37 PM MDT
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