BEIJING (dpa-AFX) - The China stock market has finished higher in two of three days since the end of the six-day slide in which it had retreated more than 180 points or 7 percent. The Shanghai Composite Index now rests just beneath the 2,815-point plateau although it's expected to head south again on Tuesday.
The global forecast for the Asian markets is broadly negative on continuing concerns over the trade dispute between the United States and China. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.
The SCI finished sharply higher on Monday following gains from the financial shares, property stocks and oil and insurance companies.
For the day, the index spiked 40.24 points or 1.45 percent to finish at the daily high of 2,814.99 after moving as low as 2,776.62. The Shenzhen Composite Index jumped 29.14 points or 1.97 percent to end at 1,508.99.
Among the actives, Industrial and Commercial Bank of China collected 0.92 percent, while Bank of China added 0.56 percent, China Construction Bank gained 0.70 percent, China Merchants Bank climbed 1.20 percent, China Life Insurance jumped 1.35 percent, Ping An Insurance and Gemdale both soared 2.55 percent, PetroChina rose 0.32 percent, China Petroleum and Chemical (Sinopec) was up 0.20 percent, China Shenhua Energy spiked 1.94 percent, Poly Developments surged 3.03 percent, China Vanke accelerated 1.76 percent and CITIC Securities advanced 2.65 percent.
The lead from Wall Street is soft as stocks opened sharply lower on Monday and continued to head south throughout the day, extending last week's losses.
The Dow shed 391.00 points or 1.49 percent to 25,896.44, while the NASDAQ lost 95.73 points or 1.20 percent to 7,863.41 and the S&P 500 fell 35.96 points or 1.23 percent to 2,882.69.
The sell-off on Wall Street came amid worries about a prolonged trade war between the U.S. and China after President Donald Trump recently indicated he feels no sense of urgency to resolve the dispute.
Concerns about the impact of increasingly violent protests in Hong Kong also weighed on stocks, with the Hong Kong International Airport canceling all departing flights due to the disruption caused by protesters.
The geopolitical concerns increased the appeal of safe haven assets like bonds, resulting in a steep drop in U.S. treasury yields. The yield on the benchmark ten-year note tumbled to its lowest closing level in almost three years.
Crude oil prices were higher Monday on speculation production cuts by OPEC and fewer shipments from Saudi Arabia will outweigh concerns about near term energy demand outlook. West Texas Intermediate crude oil futures for September ended up $0.43 or 0.8 percent at $54.93 a barrel.
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