(RTTNews) - The China stock market has finished lower now in three straight sessions, retreating more than 65 points or 2.1 percent en route to a fresh four-month closing low. The Shanghai Composite Index is clinging to the 2,935-point plateau, but now investors are anticipating more selling pressure at the opening of trade on Tuesday.

The global forecast for the Asian markets calls for more selling pressure - particularly among the financials, technology stocks and properties. The falling price of gold may drag down the resource stocks, as well. The European markets finished mixed and the U.S. bourses ended lower, and now the Asian markets are also expected to trend to the downside.

The SCI finished slightly lower on Monday, nudged into negative territory by selling among the financials and the property stocks.

For the day, the index eased 4.23 points or 0.14 percent to finish at 2,935.17 after trading between 2,922.19 and 2,954.27 on turnover of 73.16 billion yuan. Shenzhen Composite Index added 0.19 percent to finish at 1,099.15.

Among the decliners, Poly Real Estate Group plunged 7.48 percent, while Gemdale shed 1.6 percent, China Vanke eased 0.87 percent, CITIC Bank lost 2.62 percent and China Merchants Bank fell 2.26 percent.

The lead from Wall Street is broadly negative as stocks ended Monday’s trading mostly lower after showing a lack of direction throughout much of the trading day. The major averages all closed firmly in negative territory, extending the downward move seen over the course of the previous four weeks.

The weakness that emerged among stocks came as traders continue to express uncertainty about the global economic outlook, particularly due to recent worries about European credit conditions.

Traders remained on the sidelines for most of the day amid a lack of significant economic news as well as a light day on the earnings front. With the earnings season winding down, Hasbro (HAS) and CVS Caremark (CVS) were among the few well known companies that reported their quarterly results.

Shares of Hasbro (HAS) closed up by 12.7 percent after the toy maker reported fourth quarter net earnings that surged up 77 percent to $165.56 million or $1.09 per share from $93.58 million or $0.62 per share in the year-ago quarter. Analysts had expected the company to earn $0.81 per share.

Hasbro also reported net revenues for the quarter of $1.38 billion, up 12 percent from $1.23 billion in the same quarter last year. On average, analysts had estimated revenues of $1.34 billion.

Additionally, CVS Caremark reported fourth quarter net income that rose to $1.05 billion or $0.74 per share from $949 million or $0.65 per share in the same quarter last year. Excluding items, the company reported earnings of $0.79 per share, a penny above analyst estimates.

The drug store operator also said its net revenues increased to $25.82 billion from $24.14 billion in the fourth quarter of 2008. Analysts had a consensus revenue estimate of $26.22 billion for the quarter.

Meanwhile, CIT Group (CIT) edged down by 0.5 percent after it appointed former Merrill Lynch CEO John Thain as its Chairman and CEO. Thain will replace Peter Tobin, who was appointed on an interim basis after long-time CEO Jeffrey Peek resigned on January 15.

The major averages accelerated to the downside going into the close, ending the session near their worst levels of the day. The Dow closed down 103.84 points or 1.0 percent at 9,908.39, the NASDAQ fell 15.07 points or 0.7 percent to 2,126.05 and the S&P 500 lost 9.45 points or 0.9 percent to close at 1,056.74.

In corporate news, China XD Plastics said for the fourth quarter of 2009, it expects net revenues to be in the range of approximately $38 million to $41 million, exceeding the $36 million upper range of its guidance. This represents approximately 90 percent to 105 percent increase from its net revenues in the fourth quarter of 2008. As previously guided, the company’s gross margin for the fourth quarter is expected to be in the range of approximately 23 percent to 25 percent.

Also, China TransInfo Technology Corp. announced unaudited preliminary results for the year ended December 31, 2009. For fiscal 2009, China TransInfo expects to report revenue of $55.0 million compared to $29.4 million in fiscal 2008. The company anticipates reporting net income for fiscal 2009 between $13.3 million and $13.5 million

Finally, China Housing & Land Development said it was granted a RMB 150 million or US$22 million loan from Xinhua Trust Investment Ltd. The company said that RMB150 million or US$22 million loan matures in February, 2012 and is secured by its assets, and the loan would be used for its further expansion plans in 2010.

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Posted in Categories: Eurozone, Releases, Stocks, USA.

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