China’s stock market could take further damage on Friday
(RTTNews) – China’s stock market has alternated between positive and negative results over the past four trading days since ending a three-day losing streak in which it lost more than 45 points or 1.3 %. The Shanghai Composite Index is now just below the 3,400 plateau and is expected to reopen under pressure on Friday.
Global forecasts for Asian markets are volatile, with weakness in oil and technology stocks likely to limit any upside. European markets were up and US stock markets down and Asian markets should at least open lower.
SCI ended sharply lower Thursday on losses in financials and resource stocks, while properties were mixed.
For the day, the index fell 61.42 points or 1.78% to end at 3,394.25 after trading between 3,392.02 and 3,456.36. The Shenzhen Composite Index plunged 66.76 points or 2.87% to end at 2,262.41
Among assets, Industrial and Commercial Bank of China fell 0.21%, while China Merchants Bank lost 0.45%, Bank of Communications lost 0.62%, China Life Insurance fell 2.20% , Jiangxi Copper plunged 3.39%, Aluminum Corp of China (Chalco) fell. 2.30%, Yankuang Energy jumped 1.49%, PetroChina fell 0.76%, China Petroleum and Chemical (Sinopec) fell 0.47%, Huaneng Power fell 4.08%, China Shenhua Energy climbed 1.34%, Gemdale gained 0.63%, Poly Developments gained 0.64%, China Vanke fell 1.40%, China Fortune Land fell 2.40%, Beijing Capital Development was down 1.35% and Bank of China and China Construction Bank were unchanged.
Wall Street’s advance is negative as major averages opened higher on Thursday but saw those gains evaporate as markets slipped into the red as the day progressed.
The Dow Jones fell 7.31 points or 0.02% to end at 34,160.78, while the NASDAQ fell 189.34 points or 1.40% to close at 13,352.78 and the S&P 500 fell 23.42 points or 0.54% to finish at 4,326.51.
Stocks continued to see intense volatility as traders weighed upbeat fourth-quarter GDP against the prospect of higher interest rates.
Markets first reacted positively to a report from the Commerce Department showing stronger than expected GDP growth in the fourth quarter of 2021. However, traders have recently shown a reluctance to maintain significant moves, which has led to further rollercoaster.
In other economic news, the Labor Department said initial jobless claims fell last week, while the Commerce Department and the National Association of Realtors noted steeper-than-expected declines in durable goods orders. and pending home sales in December.
Crude oil prices fell on Thursday as the dollar rose after the Fed signaled it would start raising interest rates in March. West Texas Intermediate crude oil futures for March ended down $0.74 or 0.9% at $86.61 a barrel.
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