BEIJING (dpa-AFX) - The China stock market on Tuesday ended the two-day winning streak in which it had advanced almost 70 points or 2.8 percent. The Shanghai Composite Index now rests just above the 2,525-point plateau although it figures to bounce higher again on Wednesday.
The global forecast for the Asian markets is positive on trade optimism and surging crude oil prices. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.
The SCI finished slightly lower on Tuesday as losses from the financials and properties were mitigated by support from the oil companies.
For the day, the index dipped 6.63 points or 0.26 percent to finish at 2,526.46 after trading between 2,520.16 and 2,531.34. The Shenzhen Composite Index eased 1.52 points or 0.12 percent to end at 1,299.89.
Among the actives, China Merchants Bank dropped 1.18 percent, while Industrial and Commercial Bank of China shed 0.76 percent, Bank of China lost 0.84 percent, China Life Insurance skidded 1.19 percent, Ping An Insurance slid 0.89 percent, PetroChina added 0.14 percent, China Petroleum and Chemical (Sinopec) climbed 1.16 percent, China Shenhua Energy spiked 2.05 percent, Gemdale retreated 0.61 percent, Poly Developments tumbled 1.40 percent, China Vanke eased 0.20 percent and China Construction Bank and CITIC Securities were unchanged.
The lead from Wall Street is upbeat as stocks opened higher on Tuesday; they gave back some of those gains as the day progressed but still ended firmly in the green.
The Dow added 256.10 points or 1.09 percent to 23,787.45, while the NASDAQ gained 73.53 points or 1.08 percent to 6,897.00 and the S&P rose 24.72 points or 0.97 percent to 2,574.41.
Optimism about trade talks between the U.S. and China contributed to the early rally on Wall Street amid a second day of meetings between U.S. and Chinese officials.
A quiet day on the U.S. economic front also kept some traders on the sidelines amid the ongoing government shutdown.
Crude oil prices moved up sharply on Tuesday, extending gains to a seventh successive session on optimism about U.S.-China trade discussions and reports of output cuts by oil producers. Crude oil futures for February were up $1.26 or 2.6 percent at $49.78 a barrel.
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