Chinese stock market tipped to break losing line

(RTTNews) – China’s stock market has ended lower in two consecutive sessions, falling nearly 20 points, or 0.6 percent, along the way. The Shanghai Composite Index is now just above the 3,520-point plateau, although it is expected to find support on Wednesday.

The global forecast for Asian markets is optimistic based on solid economic data and support from technology stocks. The European markets were mixed and the US markets rose and the Asian markets share the difference.

The SCI ended modestly lower on Tuesday after losses in property and commodity stocks, while financial and oil companies were mixed.

For the day, the index fell 11.52 points, or 0.33 percent, to end 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 actives, Industrial and Commercial Bank of China lost 0.43 percent, China Construction Bank rose 0.17 percent, China Merchants Bank fell 0.81 percent, Bank of Communications fell 0.21 percent, China Life Insurance gained 0.51 percent Jiangxi Copper slipped 1.08 percent, Aluminum Corp of China (Chalco) fell 2.26 percent, Yanzhou Coal fell 1.13 percent, PetroChina fell 0.83 percent, China Petroleum and Chemical (Sinopec) added 0.24 percent Huaneng Power fell 3.51 percent, China Shenhua Energy fell 0.94 percent, Gemdale lost 0.45 percent, Poly Developments fell 0.55 percent, China Vanke fell 0.82 percent, China Fortune Land collapsed 1.68 percent and Bank of China remained unchanged.

Wall Street’s lead is positive as the big averages opened higher on Tuesday and stayed in the green throughout the session.

The Dow added 54.77 points or 0.15 percent to end at 36,142.22, while the NASDAQ rose 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 finish at 4,700.90.

The strength on Wall Street reflected a positive response to some optimistic US economic data, including a report from the Commerce Department showing retail sales rose more than expected in October.

The Federal Reserve also released a report showing that industrial production recovered much more strongly than expected in October.

Crude oil futures came in lower Tuesday, weighed down by an International Energy Agency forecast that global crude oil production will soar and help ease tight inventories. West Texas Intermediate crude futures for December ended $0.12 or 0.2 percent lower at $80.76 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.