BEIJING (dpa-AFX) - The China stock market has finished higher in four straight sessions, advancing almost 85 points or 3 percent along the way. The Shanghai Composite Index now rests just above the 2,920-point plateau and it's set to open higher again on Tuesday.
The global forecast for the Asian markets remains upbeat on continued optimism for economic recovery as business reopen following the coronavirus-induced shutdown. The European and U.S. markets were up and the Asian markets are predicted to open in similar fashion.
The SCI finished slightly higher on Tuesday following gains from the financial shares, property stocks and oil and insurance companies.
For the day, the index added 5.97 points or 0.20 percent to finish at 2,921.40 after trading between 11,059.18 and 11,146.85. The Shenzhen Composite Index rose 3.71 points or 0.20 percent to end at 1,846.66.
Among the actives, Industrial and Commercial Bank of China added 0.58 percent, while Bank of China collected 0.29 percent, China Construction Bank rose 0.16 percent, China Merchants Bank gained 0.63 percent, China Life Insurance spiked 2.64 percent, Ping An Insurance accelerated 2.94 percent, PetroChina increased 0.47 percent, China Petroleum and Chemical (Sinopec) gathered 0.48 percent, China Shenhua Energy eased 0.12 percent, Gemdale soared 2.68 percent, Poly Developments advanced 2.77 percent and China Vanke surged 3.18 percent.
The lead from Wall Street is positive as stocks moved mostly higher on Tuesday, sending the major averages to fresh multi-month closing highs.
The Dow jumped 267.63 points or 1.05 percent to finish at 25,742.65, while the NASDAQ added 56.33 points or 0.59 percent to end at 9,608.38 and the S&P 500 rose 25.09 points or 0.82 percent to close at 3,080.82.
The strength on Wall Street extended a recent upward trend amid optimism about an economic recovery as businesses reopen.
Traders have largely ignored the mass protests across the country in response to the death of George Floyd at the hands of Minneapolis police officers. The protests have turned violent in many instances, but traders appear to believe that the unrest will be curtailed before having any meaningful impact on the economy.
Crude oil prices moved higher on Tuesday amid expectations the OPEC-led productions cuts will be extended. West Texas Intermediate Crude oil futures for July ended up $1.37 or 4 percent at $36.81 a barrel, the highest close since March.
Closer to home, China will see May figures for its services and composite PMIs from Caixin later this morning; in April, their scores were 44.4 and 47.6, respectively.
Copyright RTT News/dpa-AFX