BEIJING (dpa-AFX) - The China stock market rebounded on Tuesday, one day after it had ended the four-day winning streak in which it had advanced more than 80 points or 2.7 percent. The Shanghai Composite Index now rests just above the 2,970-point plateau and it's called higher again on Wednesday.
The global forecast for the Asian markets is positive on continued optimism for economic recovery following the Covid-19 pandemic. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The SCI finished slightly higher on Tuesday as losses from the financials and properties kept gains from the broader market in check.
For the day, the index added 5.35 points or 0.18 percent to finish at 2,970.62 after trading between 2,949.85 and 2,972.40. The Shenzhen Composite Index climbed 10.80 points or 0.56 percent to end at 1,947.45.
Among the actives, Industrial and Commercial Bank of China shed 0.39 percent, while China Construction Bank lost 0.58 percent, China Merchants Bank sank 0.45 percent, China Life Insurance tumbled 1.32 percent, Ping An Insurance skidded 1.11 percent, PetroChina fell 0.23 percent, China Petroleum and Chemical (Sinopec) retreated 0.50 percent, China Shenhua Energy dropped 0.88 percent, Gemdale eased 0.15 percent, Poly Developments declined 0.90 percent and China Vanke was down 0.54 percent.
The lead from Wall Street is firm as stocks opened higher on Tuesday and remained in the green throughout the day, extending gains from the previous session.
The Dow added 131.14 points or 0.50 percent to finish at 26,156.10, while the NASDAQ jumped 74.89 points or 0.74 percent to end at 10,131.37 and the S&P 500 rose 13.43 points or 0.43 percent to close at 3,131.29.
Apple (AAPL) helped to lead the Nasdaq higher, jumping by 2.1 percent to a new record high as traders reacted positively to news out of the tech giant's Worldwide Developers Conference.
In economic news, the Commerce Department released a report showing a substantial increase in new home sales in the month of May.
Crude oil prices edged lower Tuesday as worries about energy demand resurfaced amid reports showing a sharp surge in coronavirus cases across several states in America. West Texas Intermediate Crude oil futures for August ended down $0.36 or 0.9 percent at $40.37 a barrel.
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