BEIJING (dpa-AFX) - The China stock market has finished higher now in five straight sessions, surging more than 525 points or 11 percent on its way to a fresh seven-year closing high. The Shanghai Composite Index settled just below the 4,815-point plateau, although the market is ripe for consolidation on Tuesday.
The global forecast for the Asian markets has a slight negative bias, albeit without much conviction. The U.S. markets were closed on Monday for the Memorial Day holiday, although Greek debt concerns were enough to drag the European and Canadian markets into the red - and the Asian bourses figure to follow suit.
The SCI finished sharply higher again on Monday with gains across the board - particularly among the securities and airlines.
For the day, the index skyrocketed 156.20 points or 3.35 percent to finish at 4,813.80 after trading between 4,656.82 and 4,814.67 on turnover of 1.1 trillion yuan. The Shenzhen Composite Index climbed 44.15 points or 1.61 percent to end at 2,785.07 on turnover of 912.1 billion yuan.
Among the actives, Guosen Securities jumped 9.94 percent, while Citic Securities climbed 3.38 percent, China Southern Airlines surged 8.04 percent and China Eastern Airlines advanced 6.60 percent.
There is no lead from Wall Street, although the European markets were mostly lower on Tuesday, thanks to ongoing concerns about Greece and its credit woes.
Greece's government on Monday ruled out imposing controls over capital flows over the upcoming long weekend, after an opposition lawmaker suggested the move if the country fails to strike a deal with its creditors soon.
Greece, which was the first country to be bailed out by the EU and IMF in 2010, is still struggling and needs to secure more funds to meet its payments.
Germany's DAX dipped 49.58 points or 0.42 percent to 11,815, while London's FTSE added 18.25 points or 0.26 percent to 7,031.72 and the CAC 40 in France tumbled 23.73 points or 0.64 percent to 3,655.41.
Copyright RTT News/dpa-AFX