BEIJING (dpa-AFX) - The China stock market has finished higher in two of three trading days since the end of the two-day losing streak in which it had retreated more than 30 points or 1 percent. The Shanghai Composite Index now rests just shy of the 3,045-point plateau and it's looking at a positive lead again on Tuesday.
The global forecast for the Asian markets is upbeat on an improved trade outlook and a spike in crude oil prices. The European and U.S. markets were up and the Asian markets figure to follow that lead.
The SCI finished sharply higher on Monday following gains from the financials, properties and insurance companies.
For the day, the index soared 66.02 points or 2.22 percent to finish at 3,044.90 after trading between 3,014.69 and 3,045.37. The Shenzhen Composite Index spiked 54.13 points or 3.46 percent to end at 1,616.55.
Among the actives, Industrial and Commercial Bank of China added 0.51 percent, while Bank of China collected 0.53 percent, China Merchants Bank climbed 2.56 percent, China Construction Bank rose 0.27 percent, China Life Insurance surged 5.08 percent, Ping An Insurance spiked 3.65 percent, China Petroleum and Chemical (Sinopec) was up 0.18 percent, Baoshan Iron advanced 1.54 percent, Gemdale accelerated 2.43 percent, Poly Developments perked 2.04 percent, China Vanke soared 2.91 percent and CITIC Securities gained 2.39 percent.
The lead from Wall Street is firm as stocks opened sharply higher on Monday, gave some ground in the afternoon but still finished well in the green.
The Dow added 117.47 points or 0.44 percent to finish at 26,717.43, while the NASDAQ gained 84.92 points or 1.06 percent to 8,091.16 and the S&P rose 22.57 points or 0.77 percent to 2,964.33.
The initial strength on Wall Street came after President Donald Trump and Chinese President Xi Jinping agreed to restart stalled trade negotiations on the sidelines of the G20 summit in Osaka, Japan.
The early buying interest was partly offset by a report from the Institute for Supply Management showing a continued slowdown in the pace of growth in U.S. manufacturing activity in June.
Crude oil futures ended higher Monday, following OPEC's decision to extend its current 1.2 million barrel per day output cuts for another nine months. West Texas Intermediate crude oil futures ended up $0.62 or 1.1 percent at $59.09 a barrel.
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