BEIJING (dpa-AFX) - The China stock market has moved higher in two of three trading days since the end of the two-day slide in which it had fallen just a handful of points. The Shanghai Composite Index now rests just beneath the 3,292-point plateau, and the market may extend its gains on Tuesday.
The global forecast for the Asian markets is positive thanks to a jump in the price of crude oil. The European and U.S. markets were firmly higher, and the Asian bourses figure to follow suit.
The SCI finished modestly higher on Monday following gains from the financials and telecoms, while the property stocks came in mixed.
For the day, the index gained 25.29 points or 0.79 percent to finish at 3,218.15 after trading between 3,188.28 and 3,229.76. The Shenzhen Component Index added 0.10 percent to end at 10,899.92.
Among the actives, Agricultural Bank of China collected 0.32 percent, while Bank of China added 0.89 percent, Industrial and Commercial Bank of China gained 0.68 percent, Vanke skidded 1.15 percent, Gemdale was up 0.49 percent, China Unicom added 0.17 percent and China Shenhua advanced 0.29 percent.
The lead from Wall Street is upbeat as stocks moved higher on Monday, pushing the major averages to new record closing highs.
The Dow rose 88.76 points or 0.5 percent to 18,956.69, while the NASDAQ advanced 47.35 points or 0.9 percent to 5,368.86 and the S&P added 16.28 points or 0.8 percent to 2,198.18.
A sharp increase in the price of crude oil contributed to the strength, with crude for December delivery jumping $1.80 to $47.49 a barrel. The price benefited from optimism that OPEC members will agree to reduce output at a meeting next week.
News on the merger-and-acquisition front also generated some buying interest, although trading activity was subdued ahead of the Thanksgiving Day holiday.
Copyright RTT News/dpa-AFX
© 2016 AFX News
