Lower Open Predicted For China Stock Market

(RTTNews) - The China stock market has finished lower in two of three trading days since the end of the two-day winning streak in which it had advanced more than 20 points or 0.6 percent. The Shanghai Composite Index now rests just above the 3,350-point plateau and it's expected to see continued consolidation on Friday.

The global forecast for the Asian markets is negative, with retail and technology stocks likely to fall under pressure. The European and U.S. markets were down and the Asian bourses figure to follow that lead.

The SCI finished barely lower on Thursday following losses from the properties, gains from the energy companies and mixed performances from the financials and oil stocks.

For the day, the index dipped 0.76 points or 0.02 percent to finish at 3,350.78 after trading between 3,338.03 and 3,355.56. The Shenzhen Composite Index rose 11.18 points or 0.55 percent to end at 2,056.72.

Among the actives, Industrial and Commercial Bank of China gained 0.43 percent, while Bank of China collected 0.36 percent, China Merchants Bank fell 0.31 percent, Agricultural Bank of China and PetroChina both added 0.38 percent, China Life Insurance tumbled 1.81 percent, Jiangxi Copper eased 0.14 percent, Aluminum Corp of China (Chalco) rose 0.27 percent, Yankuang Energy perked 0.15 percent, China Petroleum and Chemical (Sinopec) dipped 0.17 percent, Huaneng Power jumped 1.68 percent, China Shenhua Energy increased 0.30 percent, Gemdale tanked 2.53 percent, Poly Developments retreated 1.56 percent, China Vanke stumbled 1.70 percent and China Construction Bank was unchanged.

The lead from Wall Street is weak as the major averages opened lower on Thursday and remained in the red throughout the session.

The Dow plummeted 450,94 points or 1.01 percent to finish at 44,176.65, while the NASDAQ stumbled 93.89 points or 0.47 percent to close at 19,962.36 and the S&P 500 sank 26.63 points or 0.43 percent to end at 6,117.52.

The early sell-off on Wall Street came amid a slump by shares of Walmart (WMT), which came under pressure after the company reported better than fiscal fourth quarter earnings but provided disappointing guidance for the current year.

Traders may also have been looking to cash in on the recent upticks by stocks, which lifted the S&P 500 to record highs despite ongoing tariff concerns and indications the Federal Reserve is likely to keep interest rates on hold for some time.

On the economic front, the Labor Department noted a modest increase by first-time claims for U.S. unemployment benefits last week. Also, the Federal Reserve Bank of Philadelphia said Philadelphia-area manufacturing activity continued to expand in February, although the index of activity in the sector pulled back sharply.

Oil futures settled higher on Thursday, as supply disruptions in Russia and drop in gasoline and distillate fuel stocks supported oil prices. West Texas Intermediate Crude oil futures closed higher by $32 or 0.44 percent at $72.57 a barrel.