The China stock market has ticked lower in two straight sessions, easing just 5 points or 0.2 percent in that span. The Shanghai Composite Index now rests just beneath the 3,480-point plateau although it may stop the bleeding on Thursday.
The global forecast for the Asian is mixed and flat amid a lack of catalysts, although crude oil offers mild support. The European and U.S. markets were mixed and the Asian bourses are expected to follow suit.
The SCI finished slightly lower on Wednesday as gains from the properties and resource stocks mitigated weakness from the broader market.
For the day, the index eased 3.34 points or 0.10 percent to finish at 3,479.63 after trading between 3,453.19 and 3,483.42. The Shenzhen Composite Index shed 8.09 points or 0.36 percent to end at 2,258.11.
Among the actives, Industrial and Commercial Bank of China collected 0.55 percent, Bank of China added 0.30 percent, China Construction Bank rose 0.14 percent, China Merchants Bank skidded 1.10 percent, Bank of Communications climbed 1.23 percent, China Life Insurance retreated 1.46 percent, Jiangxi Copper advanced 0.74 percent, Aluminum Corp of China (Chalco) rallied 2.36 percent, Yanzhou Coal spiked 2.81 percent, PetroChina gained 0.47 percent, China Petroleum and Chemical (Sinopec) jumped 1.63 percent, China Shenhua Energy was up 0.10 percent, Gemdale gathered 1.58 percent, Poly Developments perked 0.49 percent, China Vanke accelerated 0.92 percent, China Fortune Land skyrocketed 10.05 percent and Beijing Capital Development was unchanged.
The lead from Wall Street offers little clarity as the major averages spent the day bouncing back and forth across the unchanged line before ending mixed and little changed.
The Dow rose 16.02 points or 0.05 percent to finish at 33,446.26, while the NASDAQ eased 9.54 points or 0.07 percent to end at 13,688.84 and the S&P 500 was up 6.01 points or 0.15 percent to close at 4,079.95.
The choppy trading on Wall Street came as traders sought more clarity about the near-term outlook for the markets - which have risen to record highs in recent sessions, but traders may be worried the markets are becoming overbought.
Traders also kept an eye on the minutes of the Federal Reserve's latest monetary policy meeting, although the central bank only reiterated that it is unlikely to change its ultra-loose monetary policy anytime soon.
On the U.S. economic front, the Commerce Department reported that the U.S. trade deficit widened more than expected in February.
Crude oil futures settled higher on Wednesday, supported by data showing a drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for May ended up $0.44 or 0.7 percent at $59.77 a barrel.
For comments and feedback contact: editorial@rttnews.com
