BEIJING (dpa-AFX) - The China stock market rebounded on Mondy, one session after ending the eight-day winning streak in which it had rallied more than 180 points or 5.9 percent. The Shanghai Composite Index now sits just above the 3m290-point plateau, although it figures to see renewed selling pressure on Tuesday.
The global forecast for the Asian markets is broadly negative on continuing concerns over the possibility of a trade war. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.
The SCI finished modestly higher on Monday as gains from the resource stocks were capped by weakness from the financial and property sectors.
For the day, the index gained 14.70 points or 0.45 percent to finish at 3,291.43 after trading between 3,270.01 and 3,298.64. The Shenzhen Composite Index jumped 20.74 points or 1.58 percent to end at 1,910.76.
Among the actives, Industrial and Commercial Bank of China was down 1.26 percent, while Bank of China lost 0.88 percent, Agricultural Bank of China and Bank of Communications both skidded 0.92 percent, China Merchants Bank declined 1.10 percent, China Life Insurance eased 0.19 percent, Jiangxi Copper soared 3.60 percent, Aluminum Corp of China (Chalco) spiked 2.19 percent, Yankuang Energy dropped 0.95 percent, PetroChina lost 0.63 percent, China Petroleum and Chemical (Sinopec) slumped 1.22 percent, Huaneng Power improved 0.84 percent, China Shenhua Energy shed 0.71 percent, Gemdale sank 0.79 percent, Poly Developments retreated 1.52 percent and China Vanke tumbled 1.78 percent.
The lead from Wall Street is brutal as the major averages opened sharply lower on Monday and remained deep in the red throughout the session.
The Dow plummeted 971.82 points or 2.48 percent to finish at 38,170.41, while the NASDAQ tumbled 415.55 points or 2.55 percent to close at 16,870.37 and the S&P 500 dropped 124.50 points or 2.36 percent to end at 5,158.20.
The sell-off on Wall Street came amid lingering concerns about a global trade war as traders await signs of progress from President Donald Trump's trade talks.
Potentially adding to the worries, China has threatened to retaliate against any countries that reach a trade deal with the U.S. at the expense of China's interests.
Trump's continued attacks on Federal Reserve Chair Jerome Powell added to the negative sentiment; he called on the Fed to lower rates last week, declaring, 'Powell's termination cannot come fast enough!'
Crude oil prices pulled back sharply Monday on reports of progress in negotiations between the U.S. and Iran, while trade war concerns also weighed. West Texas Intermediate crude for May delivery plunged $1.60 or 2.5 percent to $63.08 a barrel.
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