Precise Investors

Friday, December 2, 2022
Stocks & Shares

China stock market moves lower in three straight sessions

China stock market

The Shanghai Composite Index ended sharply lower following losses from the financial shares and resource stocks

Stock market in China has moved lower in three straight sessions, giving up over 150 points or 4.5 percent during the time. The Shanghai Composite Index (SCI) was just above 3,420-point although it’s overdue for support on Tuesday.

The SCI ended sharply lower on Monday following losses from the financial shares and resource stocks, while the properties were mixed and the oil companies offered support.

The index dipped 80.57 points or 2.30 percent to end at 3,421.41 after trading between 3,421.22 and 3,542.30. The Shenzhen Composite Index fell  74.52 points or 3.24 percent to finish at 2,224.08.

Among the actives, Industrial and Commercial Bank of China shed 0.72 percent, while Bank of China dipped 0.30 percent, China Construction Bank retreated 1.61 percent, China Merchants Bank tumbled 2.86 percent, Bank of Communications eased 0.22 percent, China Life Insurance skidded 1.17 percent, Jiangxi Copper plunged 3.95 percent, Aluminum Corp of China (Chalco) declined 1.23 percent, Yanzhou Coal dropped 1.09 percent, China Shenhua Energy sank 0.94 percent, Gemdale lost 1.05 percent, Poly Developments fell 0.98 percent, China Vanke surrendered 1.08 percent.

Among the gainers, PetroChina rallied 2.04 percent, China Petroleum and Chemical (Sinopec) climbed 1.33 percent, China Fortune Land spiked 2.96 percent and Beijing Capital Development added 0.36 percent.

Meanwhile in the US, the Dow added 306.14 points or 0.97 percent to end at 31,802.44, while the NASDAQ plummeted 310.99 points or 2.41 percent to finish at 12,609.16 and the S&P 500 tumbled 20.59 points or 0.54 percent to end at 3,821.35.

The mixed performance on Wall Street came in reaction to news the Senate voted along party lines on Saturday to approve a new $1.9 trillion coronavirus relief bill. The bill, which includes $1,400 direct payments and an extension of unemployment benefits, is expected to be approved by the House later this week.


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