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Renewed Consolidation Expected For China Shares

Mount Equity Group Tokyo, Japan > News > Markets > Renewed Consolidation Expected For China Shares

(RTTNews) – The China stock market bounced higher again on Wednesday, one day after snapping the two-day winning streak in which it had collected more than 15 points or 0.4 percent. The Shanghai Composite Index now sits just above the 3,590-point plateau although it’s likely to head south again on Thursday.

The global forecast for the Asian markets is slightly soft ahead of key U.S. inflation data later today. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

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

For the day, the index added 11.29 points or 0.32 percent to finish at 3,591.40 after trading between 3,572.64 and 3,598.71. The Shenzhen Composite Index rose 3.42 points or 0.14 percent to end at 2,396.54.

Among the actives, Industrial and Commercial Bank of China fell 0.19 percent, while China Construction Bank lost 0.29 percent, China Merchants Bank and Bank of Communications both shed 0.41 percent, Minsheng Bank was down 0.43 percent, Jiangxi Copper climbed 1.33 percent, Aluminum Corp of China (Chalco) spiked 2.37 percent, Yanzhou Coal surged