China Stock Market Tipped To Snap Losing Streak

The China stock market has finished lower in two straight sessions, slipping almost 20 points or 0.6 percent along the way. The Shanghai Composite Index now rests just above the 3,520-point plateau although it’s expected to find support on Wednesday.

The global forecast for the Asian markets is upbeat on solid economic data and support from the technology stocks. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The SCI finished modestly lower on Tuesday following losses from the properties and resource stocks, while the financials and oil companies were mixed.

For the day, the index sank 11.52 points or 0.33 percent to finish at 3,521.79 after trading between 3,517.81 and 3,549.77. The Shenzhen Composite Index fell 12.44 points or 0.51 percent to end at 2,449.95.

Among the actives, Industrial and Commercial Bank of China shed 0.43 percent, while China Construction Bank rose 0.17 percent, China Merchants Bank dropped 0.81 percent, Bank of Communications dipped 0.21 percent, China Life Insurance collected 0.51 percent, Jiangxi Copper skidded 1.08 percent, Aluminum Corp of China (Chalco) tanked 2.26 percent, Yanzhou Coal retreated 1.13 percent, PetroChina sank 0.83 percent, China Petroleum and Chemical (Sinopec) added 0.24 percent, Huaneng Power plunged 3.51 percent, China Shenhua Energy declined 0.94 percent, Gemdale lost 0.45 percent, Poly Developments fell 0.55 percent, China Vanke was down 0.82 percent, China Fortune Land tumbled 1.68 percent and Bank of China was unchanged.

The lead from Wall Street is positive as the major averages opened higher on Tuesday and remained in the green throughout the session.

The Dow added 54.77 points or 0.15 percent to finish at 36,142.22, while the NASDAQ jumped 120.01 points or 0.76 percent to close at 15,973.86 and the S&P 500 rose 18.10 points or 0.39 percent to end at 4,700.90.

The strength on Wall Street reflected a positive reaction to some upbeat U.S. economic data, including a Commerce Department report showing retail sales spiked more than expected in October.

The Federal Reserve also released a report showing industrial production rebounded by much more than expected in October.

Crude oil futures settled lower on Tuesday, weighed down by a forecast by the International Energy Agency that global crude output will rise and help ease tight supplies. West Texas Intermediate Crude oil futures for December ended lower by $0.12 or 0.2 percent at $80.76 a barrel.