(RTTNews) – The China stock market on Tuesday ended the two-day winning streak in which it had gathered more than 40 points or 1.3 percent. The Shanghai Composite Index now rests just above the 3,480-point plateau and it’s likely to remain in that neighborhood again on Wednesday.
The global forecast for the Asian markets is mixed and fairly flat amid a lack of strong catalysts. The European markets were up and the U.S. bourses were down and the Asian markets figure to split the difference.
The SCI finished barely lower on Tuesday as losses from the property and resource stocks were countered by support from the financial sector.
For the day, the index eased 1.43 points or 0.04 percent to finish at 3,482.97 after trading between 3,471.76 and 3,493.28.
Among the actives, Bank of China shed 0.30 percent, while China Construction Bank advanced 0.98 percent, China Merchants Bank rose 0.08 percent, Bank of Communications collected 0.41 percent, China Life Insurance and Jiangxi Copper both eased 0.09 percent, Yanzhou Coal retreated 1.57 percent, PetroChina sank 0.70 percent, China Petroleum and Chemical (Sinopec) shed 0.69 percent, China Shenhua Energy declined 1.42 percent, Gemdale added 0.17 percent, China Vanke tumbled 1.90 percent, Beijing Capital Development dropped 1.03 percent and Poly Developments, Industrial and Commercial Bank of China and Aluminum Corp of China (Chalco) were unchanged.
The lead from Wall Street suggests mild consolidation as the major averages opened lower but then spent the day bouncing back and forth across the unchanged line before eventually closing slightly in the red.
The Dow shed 96.95 points or 0.29 percent to finish at 33,430.24, while the NASDAQ dipped 7.21 points or 0.05 percent to end at 13,698.38 and the S&P 500 eased 3.97 points or 0.10 percent to close at 4,073.94.
The choppy trading on Wall Street came as traders expressed some uncertainty about the near-term outlook for the markets following recent strength.
Meanwhile, traders largely shrugged off news the International Monetary Fund raised its global growth projections for this year and next, citing huge fiscal stimulus in some big economies and a vaccine-driven recovery in the future.
Crude oil prices moved higher on Tuesday, riding a weaker U.S. dollar. West Texas Intermediate Crude oil futures for May ended higher by $0.68 or 1.2 percent at $59.33 a barrel.