BEIJING (dpa-AFX) - The China stock market on Tuesday snapped the two-day slide in which it had fallen almost 45 points or 1.2 percent. The Shanghai Composite Index now rests just above the 3,600-point plateau and it's looking at a green light again on Wednesday.
The global forecast for the Asian markets is mixed to higher on the back of strong crude oil gains. The European markets were down and the U.S. bourses were up and the Asian markets are tipped to follow the latter lead.
The SCI finished sharply higher on Tuesday following gains from the financials and resource stocks, while the properties were mixed.
For the day, the index spiked 76.84 points or 2.18 percent to finish at the daily high of 3,608.34 after moving as low as 3,517.47. The Shenzhen Composite Index jumped 44.10 points or 1.86 percent to end at 2,419.96.
Among the actives, Industrial and Commercial Bank of China collected 0.60 percent, while Bank of China added 0.32 percent, China Construction Bank gained 0.62 percent, China Merchants Bank spiked 2.64 percent, Bank of Communications rose 0.22 percent, China Life Insurance skyrocketed 8.11 percent, Jiangxi Copper climbed 1.08 percent, Aluminum Corp of China (Chalco) jumped 1.11 percent, Yanzhou Coal was up 0.81 percent, PetroChina perked 2.13 percent, China Petroleum and Chemical (Sinopec) accelerated 2.22 percent, China Shenhua Energy advanced 0.89 percent, Gemdale shed 0.32 percent, Poly Developments improved 0.86 percent and China Vanke fell 0.27 percent.
The lead from Wall Street is cautiously optimistic as stocks bounced back and forth across the unchanged line on Tuesday, finally settling with modest gains.
The Dow added 60.00 points or 0.19 percent to finish at 31,068.69, while the NASDAQ gained 36.00 points or 0.28 percent to end at 13.072.43 and the S&P 500 rose 1.58 points or 0.04 percent to close at 3,801.19.
Political concerns, rising coronavirus cases and uncertainty about near term trend for the market after an historic climb weighed on stocks.
Amid FBI warning about possible armed protests across the United States in the days leading up to President-elect Joe Biden's inauguration, a state of emergency has been declared in the District of Columbia.
Optimism about further economic stimulus in the U.S. and the rollout of coronavirus vaccines helped to nudge the markets higher. Investors are also looking ahead to quarterly earnings results.
Crude oil prices moved higher Tuesday, boosted by a weak dollar and Saudi Arabia's decision to cut production in the next two months. West Texas Intermediate Crude oil futures for February ended up $0.96 or 1.8 percent at $53.21 a barrel.
Copyright RTT News/dpa-AFX
© 2021 AFX News
