Win Streak May End For China Stock Market

(RTTNews) - The China stock market has tracked higher in back-to-back sessions, collecting almost 40 points or 1.1 percent along the way. The Shanghai Composite Index now rests just above the 3,570-point plateau, although the rally may stall on Thursday.

The global forecast for the Asian markets is soft, thanks to renewed downward pressure on the price of crude oil - while profit taking ahead of the year's end also is likely. The European and U.S. markets were down and the Asian markets figure to follow suit.

The SCI finished modestly higher on Wednesday following gains from the brokerages and oil companies.

For the day, the index gathered 9.14 points or 0.26 percent to finish at 3,572.88 after trading between 3,538.11 and 3,573.68. The Shenzhen Composite Index gathered 20.99 points or 0.90 percent to end at 2,351.35.

The lead from Wall Street is negative as stocks moved lower on Wednesday as some traders locked in profits ahead of the impending New Year's holiday.

The Dow closed 117.24 points, or 0.66 percent, lower at 17,603.74, while the S&P 500 lost 15.01 points or 0.72 percent to 2,063.35 and the NASDAQ fell 42.09 points or 0.82 percent to end at 5,065.85.

Weighing on the markets, Nymex February crude oil plunged $1.27 or 3.4 percent to end at $36.60 a barrel.

On the economic front, the National Association of Realtors' pending home sales index fell 0.9 percent in November, indicating the third decline in the last four months.