BEIJING: The China stock market has moved higher in consecutive trading days, collecting more than 25 points or 0.8 percent along the way. The Shanghai Composite Index now rests just beneath the 3,240-point plateau, although the market may be stuck in neutral on Wednesday.
The global forecast for the Asian markets is soft ahead of the FOMC rate decision later today, while persistently weak crude oil prices also figure to weigh. The European and U.S. markets were slightly lower and the Asian markets figure to follow suit. The SCI finished slightly higher on Tuesday following gains from the property stocks and oil companies, while the financials were mixed. Among the actives, Bank of China shed 0.27 percent, while Industrial and Commercial Bank of China collected 0.63 percent, Agricultural Bank of China was unchanged, Vanke surged 4.15 percent, Gemdale added 0.41 percent, PetroChina picked up 0.25 percent, China Petroleum and Chemical (Sinopec) advanced 0.36 percent, China Shenhua eased 0.18 percent and China Unicom slipped 0.40 percent.
The lead from Wall Street is negative as traders moved to the sidelines Tuesday ahead of today’s interest rate decision from the Federal Reserve. The Dow shed 44.11 points or 0.21 percent to 20,837.37, while the NASDAQ slid 18.97 points or 0.32 percent to 5,856.82 and the S&P fell 8.02 points or 0.34 percent to 2,365.45. Analysts think the Fed will raise interest rates, but there is much uncertainty about the outlook for further tightening. It is hoped that Fed Chair Janet Yellen will shed some light at her press conference following the decision. Weakness was evident in the energy sector, as crude oil futures extended steep recent losses. April WTI oil fell 68 cents or 1.4 percent to $47.72/bbl – marking a four-month low.
