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China Stock Market May Extend Losing Streak

The China stock market has finished lower in four straight sessions, sliding almost 40 points or 1.6 percent along the way. The Shanghai Composite Index now rests just above the 2,635-point plateau and it may take further damage on Friday.

The global forecast for the Asian markets suggests mild downside after the Federal Reserve kept interest rates unchanged. The European markets were down and the U.S. bourses were mixed and flat and the Asian markets figure to follow suit.

The SCI finished slightly lower on Thursday as losses from the resource stocks were mitigated by support from the financials and oil companies.

For the day, the index slid 5.71 points or 0.22 percent to finish at 2,635.63 after trading between 2,632.30 and 2,662.37. The Shenzhen Composite Index fell 6.39 points or 0.48 percent to end at 1,333.98.

Among the actives, Gemdale was up 0.11 percent, while Poly Developments eased 0.08 percent, China Vanke perked 0.59 percent, Industrial and Commercial Bank of China added 0.18 percent, Bank of China collected 0.27 percent, China Merchants Bank climbed 1.49 percent, Ping An Insurance gained 0.27 percent, CITIC Securities tumbled 1.91 percent, PetroChina was up 0.49 percent, China Petroleum and Chemical (Sinopec) gathered 0.16 percent, China Shenhua Energy spiked 1.81 percent, Jiangxi Copper dropped 0.96 percent, Aluminum Corporation of China (Chalco) retreated 1.32 percent, Maanshan Iron declined 0.73 percent and China Construction Bank and China Life Insurance were unchanged.

The lead from Wall Street is soft as stocks fluctuated over the course of the trading session on Thursday before finishing mixed and little changed.

The Dow added 10.92 points or 0.04 percent to 26,191.22, while the NASDAQ lost 39.87 points or 0.53 percent to 7,530.88 and the S&P 500 fell 7.06 points or 0.25 percent to end at 2,806.83.

The mixed performance on Wall Street came after the Federal Reserve announced its widely anticipated decision to maintain the target range for the federal funds rate at 2 to 2.25 percent.

The Fed's accompanying statement noted a slowdown in the pace of growth in business investment, but the central bank reiterated further gradual increases in interest rates remain appropriate.

In economic news, the Labor Department noted a slight decrease in initial jobless claims in the week ended November 3.

Crude oil futures drifted lower on Thursday, extending losses to a ninth straight session on concerns over rising inventories and economic uncertainty. Crude oil futures for December ended down $1.00 or 1.6 percent at $60.67 a barrel, the lowest settlement price in about eight months.

Closer to home, China will on Friday release October figures for consumer and producer prices. In September, consumer prices were up 2.5 percent on year and producer prices were up 3.6 percent.

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