Renewed Consolidation Anticipated For China Stock Market

RTTNews | 7h 29min ago
Renewed Consolidation Anticipated For China Stock Market

(RTTNews) - The China stock market on Thursday ended the two-day slide in which it had fallen more than 55 points or 1.7 percent. The Shanghai Composite now sits just beneath the 3,280-point plateau although it's expected to turn lower again on Friday.

The global forecast for the Asian markets is broadly negative, with pressure likely among technology stocks amid waning optimism over the outlook for interest rates. The European and U.S. markets finished firmly in the red and the Asian bourses are expected to follow suit.

The SCI finished modestly higher on Thursday following gains from the properties, weakness from the resource stocks and a mixed picture from the financial sector.

For the day, the index added 13.59 points or 0.42 percent to finish at 3,279.82 after trading between 3,252.39 and 3,295.74. The Shenzhen Composite Index gained 18.14 points or 0.92 percent to end at 1,991.76.

Among the actives, Industrial and Commercial Bank of China collected 0.50 percent, while Bank of China slid 0.21 percent, China Construction Bank perked 0.13 percent, China Merchants Bank retreated 1.37 percent, Agricultural Bank of China gained 0.42 percent, China Life Insurance skidded 1.18 percent, Jiangxi Copper slumped 0.98 percent, Aluminum Corp of China (Chalco) sank 0.78 percent, Yankuang Energy shed 0.45 percent, PetroChina dipped 0.12 percent, China Petroleum and Chemical (Sinopec) eased 0.16 percent, Huaneng Power rallied 2.11 percent, China Shenhua Energy dropped 0.99 percent, Gemdale surged 4.97 percent, Poly Developments climbed 1.22 percent and China Vanke added 0.65 percent.

The lead from Wall Street is bleak as the major averages opened solidly under water and stayed that way throughout the trading day.

The Dow tumbled 378.08 points or 0.90 percent to finish at 41,763.46, while the NASDAQ plummeted 512.78 points or 2.76 percent to close at 18,095.15 and the S&P 500 slumped 108.22 points or 1.86 percent to end at 5,705.45.

The sell-off on Wall Street came amid a negative reaction to earnings news from tech giants Microsoft (MSFT) and Meta Platforms (META).

Traders were also reacting to closely watched consumer price inflation data that largely came in line with economist estimates, although core CPI resisted lower forecasts to remain unchanged. That added to recent concerns the Federal Reserve will lower interest rates more slowly than hoped.

Oil prices climbed higher on Thursday amid expectations of increased demand from the U.S. and a likely delay in OPEC's planned output increase from December. West Texas Intermediate Crude oil futures for December ended higher by $0.65 or 0.95 percent at $69.26 a barrel.

read more
Asian Markets Mixed Amid Cautious Trades

Asian Markets Mixed Amid Cautious Trades

Asian stock markets are trading mixed on Friday, following the broadly negative cues from global markets overnight, as traders remain cautious and seemed reluctant to make significant moves ahead of the highly anticipated US monthly jobs report later in the day as well as next week's US presidential election. The uncertainty about the outlook for interest rate cuts weighed on market sentiment.
RTTNews | 5h 11min ago
Indian Markets Closed For Diwali

Indian Markets Closed For Diwali

Indian markets remain closed today on account of Diwali. However, there will be a special one-hour Muhurat trading session between 6.00 pm and 7.00 pm.
RTTNews | 5h 52min ago
Japanese Market Sharply Lower; Down 2%

Japanese Market Sharply Lower; Down 2%

Extending the losses in the previous session, the Japanese stock market is sharply lower on Friday, following the negative cues from global markets overnight. The benchmark Nikkei 225 is falling more than 2 percent to just above the 38,200 level, with weakness across most sectors led by index heavyweights and technology stocks after the BoJ kept rates steady and warned of high uncertainties.
RTTNews | 6h 8min ago
Lower Open Called For Thai Stock Market

Lower Open Called For Thai Stock Market

The Thai stock market on Thursday snapped the three-day losing streak in which it had slumped more than 15 points or 1.1 percent. The Stock Exchange of Thailand now sits just above the 1,465-point plateau although it's looking at a soft start on Friday.
RTTNews | 6h 29min ago
Indonesia Shares Likely To Head South Again On Friday

Indonesia Shares Likely To Head South Again On Friday

The Indonesia stock market on Thursday halted the six-day losing streak in which it had stumbled more than 230 points or 3 percent. The Jakarta Composite Index now rests just beneath the 7,575-point plateau although it's expected to see renewed selling pressure on Friday.
RTTNews | 6h 59min ago
Australian Market Significantly Lower

Australian Market Significantly Lower

The Australian stock market is significantly lower on Friday, extending the losses in the previous two sessions, following the broadly negative cues from global markets overnight. The benchmark S&P/ASX 200 is falling to near the 8,100 level, with weakness across most sectors led by mining, financial and technology stocks.
RTTNews | 7h 7min ago
Hong Kong Shares May Take Further Damage On Friday

Hong Kong Shares May Take Further Damage On Friday

The Hong Kong stock market has moved lower in two straight sessions, retreating more than 380 points or 1.8 percent along the way. The Hang Seng Index now sits just beneath the 20,320-point plateau and it's expected to open in the red again on Friday.
RTTNews | 7h 14min ago