BEIJING: The China stock market has ticked lower in back-to-back sessions, slipping more than 15 points or 0.5 percent along the way. The Shanghai Composite Index now rests just above the 3,250-point plateau, although the market may stop the bleeding on Wednesday. The global forecast for the Asian markets is upbeat thanks to solid economic data and a bounce in the price of crude oil. The European and U.S. markets were up, and the Asian bourses figure to follow suit. The SCI finished modestly lower on Tuesday as losses from the financials and resource stocks were tempered by support from the property stocks.
Among the actives, Industrial and Commercial Bank of China shed 0.21 percent, while Bank of China dipped 0.27 percent, Agricultural Bank of China was unchanged, Vanke added 0.33 percent, Gemdale jumped 1.12 percent, PetroChina lost 0.88 percent, China Shenhua eased 0.10 percent and Zijin Mining fell 0.86 percent. The lead from Wall Street is positive as stocks moved higher on Tuesday, allowing the Dow to snap an eight-day losing streak. The Dow climbed 150.52 points or 0.7 percent to 20,701.50, while the NASDAQ rose 34.77 points or 0.6 percent to 5,875.14 and the S&P gained 16.98 points or 0.7 percent to 2,358.57. The strength followed a report from the Conference Board showing an unexpected improvement in consumer confidence in March, which hit its highest level since December 2000. Crude oil futures rallied Tuesday amid word that Libya has halted the pipeline from its biggest field due to armed protests. May WTI oil gains 64 cents or 1.3 percent to $48.37/bbl, the highest level in a week.
