BEIJING (dpa-AFX) - The China stock market has moved higher in two of three trading days since the end of the two-day slide in which it had eased just two points. The Shanghai Composite Index now rests just above the 3,420-point plateau although it figures to move lower again on Tuesday.
The global forecast for the Asian markets is negative on renewed 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 Monday following mixed performances from the financial shares and property stocks.
For the day, the index gained 25.67 points or 0.76 percent to finish at 3,420.57 after trading between 3,381.12 and 3,423.61. The Shenzhen Composite Index spiked 42.41 points or 1.87 percent to end at 2,304.98.
Among the actives, Bank of China collected 0.31 percent, while China Construction Bank sank 0.78 percent, China Merchants Bank shed 0.49 percent, Bank of Communications rose 0.22 percent, China Life Insurance added 0.46 percent, Jiangxi Copper rallied 2.71 percent, Aluminum Corp of China (Chalco) retreated 1.58 percent, Yanzhou Coal declined 1.02 percent, PetroChina slid 0.23 percent, China Petroleum and Chemical (Sinopec) lost 0.73 percent, Gemdale tumbled 1.54 percent, Poly Developments dropped 0.87 percent, China Vanke skidded 1.16 percent, Beijing Capital Development gained 0.66 percent and Industrial and Commercial Bank of China was unchanged.
The lead from Wall Street is soft as stocks opened sharply lower on Monday but recovered as the day progressed to end mixed and little changed.
The Dow rose 37.40 points or 0.12 percent to finish at 30,216.45, while the NASDAQ fell 13.12 points or 0.10 percent to end at 12,742.52 and the S&P 500 slid 14.49 points or 0.39 percent to close at 3,694.92.
The early sell-off on Wall Street came on concerns about a new coronavirus strain in the U.K., with the variant said to be 70 percent more infectious than the original strain. This led Canada as well as several European countries, including Germany, France, Italy and the Netherlands, to order a suspension of flights from Britain.
Selling pressure waned over the course of the session, however, as traders also reacted to news that Congressional leaders finally agreed on a new $900 billion relief package. The bill will purportedly provide more federal assistance to small businesses, healthcare providers, and the unemployed and includes direct payments worth up to $600 per adult and child.
Crude oil prices plunged sharply on Monday as reports of a surge in a new strain of coronavirus in the U.K. raised concerns about energy demand. West Texas Intermediate Crude oil futures for February ended down $1.27 or 2.6 percent at $47.97 a barrel.
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