BEIJING (dpa-AFX) - The China stock market has alternated between positive and negative finishes through the last six trading days since the end of the four-day winning streak in which it had advanced almost 70 points or 2.1 percent. The Shanghai Composite Index now rests just beneath the 3,145-point plateau and it figures climb higher again on Tuesday.
The global forecast for the Asian markets is firm Thanks to positive news from Europe, although persistent weakness in crude oil prices may cap the upside. The European and U.S. markets were up and the Asian bourses figure to follow suit.
The SCI finished modestly higher on Monday as gains from the properties and resource stocks were capped by weakness from the financial sector.
For the day, the index advanced 21.21 points or 0.68 percent to finish at 3,144.37 after trading between 3,121.78 and 3,146.77. The Shenzhen Component Index gained 0.7 percent to end at 10,262.80.
Among the actives, China Life Insurance climbed 1.12 percent, while Gemdale added 0.28 percent, Vanke collected 0.19 percent, China Petroleum and Chemical (Sinopec) added 0.34 percent, China Shenhua picked up 0.04 percent, Zijin Mining and PetroChina were unchanged, Industrial and Commercial Bank of China shed 0.79 percent, Agricultural Bank of China lost 0.58 percent and Bank of China fell 0.28 percent.
The lead from Wall Street is broadly positive as stocks moved higher on Monday, allowing the Dow and the S&P 500 to both hit new record closing highs.
The Dow climbed 144.71 points or 0.7 percent to 21,528.99, while the NASDAQ surged 87.25 points or 1.4 percent to 6,239.01 and the S&P added 20.31 points or 0.8 percent to 2,453.46.
The buying interest on Wall Street was in reaction to political news out of Europe. Brexit negotiations with the EU have begun after Britain bowed to pressure for a formal opening to their long-awaited negotiations.
Also, French President Emmanuel Macron's party won a clear parliamentary majority in Sunday's election, giving him a strong mandate in parliament to pursue his pro-European Union, business-friendly reform plans.
Crude oil futures fell Monday as the dollar strengthened on expectations the Federal Reserve will again raise interest rates in the next few months. WTI light sweet crude oil was down 58 cents at $44.17 a barrel.
Copyright RTT News/dpa-AFX