BEIJING (dpa-AFX) - The China stock market on Monday snapped the two-day losing streak in which it had surrendered almost 140 points or 4 percent. The Shanghai Composite Index now sits just above the 3,205-point plateau and it's tipped to open higher again on Tuesday.
The global forecast for the Asian markets is upbeat on hopes for further stimulus in the face of the coronavirus pandemic. The European markets were slightly lower and the U.S. bourses were firmly higher and the Asian markets are tipped to follow the latter lead.
The SCI finished slightly higher on Monday following a mixed performance from the energy producers and weakness from the financials and properties.
For the day, the index rose 8.46 points or 0.26 percent to finish at 3,205.23 after trading between 3,174.66 and 3,221.98. The Shenzhen Composite Index added 6.01 points or 0.28 percent to end at 2,144.37.
Among the actives, Industrial and Commercial Bank of China shed 0.20 percent, while Bank of China lost 0.60 percent, China Construction Bank dropped 0.98 percent, China Merchants Bank skidded 1.01 percent, China Life Insurance eased 0.20 percent, Ping An Insurance sank 0.74 percent, PetroChina retreated 0.89 percent, China Petroleum and Chemical (Sinopec) added 0.25 percent, China Shenhua Energy gained 0.39 percent, Gemdale declined 1.30 percent, Poly Developments plunged 2.21 percent, China Vanke was down 1.29 percent and Minsheng Bank was unchanged.
The lead from Wall Street is positive as stocks rebounded from last week's weakness as traders cycled back into big-name tech stocks.
The Dow added 114.88 points or 0.43 percent to finish at 26,584.77, while the NASDAQ jumped 173.09 points or 1.67 percent to end at 10,536.27 and the S&P 500 rose 23.78 points or 0.74 percent to close at 3,239.41.
The strength on Wall Street partly reflected optimism about additional fiscal stimulus after Treasury Secretary Steven Mnuchin said Republicans have finalized their new coronavirus relief legislation.
In economic news, the Commerce Department released report showing durable goods orders continued to move sharply higher in June.
Crude oil prices rebounded after early losses on Monday as the dollar fell to its lowest level in two years. West Texas Intermediate Crude oil futures for September ended up $0.31 or 0.8 percent at $41.60 a barrel.
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