BEIJING (dpa-AFX) - The China stock market has climbed higher in four straight sessions, advancing more than 130 points or 4 percent along the way. The Shanghai Composite Index now sits just above the 3,450-point plateau although investors figure to cash in on Wednesday.
The global forecast for the Asian markets is mixed to lower, with support from technology stocks expected to mitigate geopolitical and coronavirus concerns. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The SCI finished modestly higher on Tuesday as gains from the insurance companies were offset by weakness from the property sector.
For the day, the index added 12.29 points or 0.36 percent to finish at 3,451.09 after trading between 3,432.64 and 3,456.72. The Shenzhen Composite Index gained 11.11 points or 0.49 percent to end at 2,298.45.
Among the actives, Industrial and Commercial Bank of China shed 0.79 percent, while Bank of China skidded 1.18 percent, China Construction Bank sank 0.78 percent, China Merchants Bank lost 0.51 percent, Bank of Communications dropped 0.82 percent, China Life Insurance surged 5.05 percent, PetroChina fell 0.22 percent, China Petroleum and Chemical (Sinopec) slid 0.25 percent, China Shenhua Energy added 0.31 percent, Gemdale plunged 2.41 percent, Poly Developments plummeted 2.58 percent and China Vanke tumbled 1.81 percent.
The lead from Wall Street is inconclusive as the NASDAQ and S&P 500 shook off early weakness on Tuesday and finished firmly in the green, while the Dow languished in negative territory.
The Dow fell 66.84 points or 0.24 percent to finish at 27,778.07, while the NASDAQ jumped 81.12 points or 0.73 percent to end at 11,210.84 and the S&P 500 rose 7.79 points or 0.23 percent to close at a record high 3,389.78.
The mixed picture from Wall Street came as Boeing and financials continued to weigh the Dow, while tech shares supported the NASDAQ.
Traders were generally in a holding pattern ahead of tomorrow's release of minutes of the U.S. Federal Reserve's monetary policy meeting, which may provide clues to future moves.
Simmering tensions between the United States and China provided negative sentiment after the Trump administration announced on Monday it will further tighten restrictions on Huawei Technologies in a bid to limit the company's access to electronic components.
Crude oil prices fell on Tuesday as a rising number of coronavirus cases around the world threatened to jeopardize a recovery in fuel demand. West Texas Intermediate futures were down 16 cents or 0.38 percent at $42.57 after a 2.1 percent gain in the previous session.
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