BEIJING (dpa-AFX) - The China stock market on Monday wrote a finish to the three-day slide in which it had stumbled more than 35 points or 1 percent. The Shanghai Composite Index now sits just above the 3,530-point plateau and it may add to its winnings on Tuesday.
The global forecast for the Asian markets is upbeat, supported by rising crude oil prices and vaccine optimism. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The SCI finished sharply higher on Monday following gains from the properties and oil and resource stocks, while the financials came in mixed.
For the day, the index climbed 36.11 points or 1.03 percent to finish at 3,532.45 after trading between 3,492.13 and 3,542.21. The Shenzhen Composite Index advanced 28.26 points or 1.21 percent to end at 2,360.78.
Among the actives, Industrial and Commercial Bank of China shed 0.39 percent, while Bank of China dropped 0.93 percent, China Construction Bank collected 0.29 percent, China Merchants Bank advanced 0.95 percent, Bank of Communications lost 0.66 percent, China Life Insurance tanked 4.11 percent, Jiangxi Copper surged 6.06 percent, Aluminum Corp of China (Chalco) soared 4.22 percent, Yanzhou Coal accelerated 1.41 percent, PetroChina added 0.73 percent, China Petroleum and Chemical (Sinopec) gained 0.76 percent, China Shenhua Energy rose 0.43 percent, Gemdale climbed 1.21 percent, Poly Developments jumped 1.45 percent, China Vanke gathered 0.87 percent and China Fortune Land was unchanged.
The lead from Wall Street is positive as stocks opened higher on Monday and picked up steam as the day progressed, sending the major averages to fresh record closing highs.
The Dow jumped 237.52 points or 0.76 percent to finish at 31,385.76, while the NASDAQ advanced 131.35 points or 0.95 percent to end at 13,987.64 and the S&P 500 gained 28.76 points or 0.74 percent to close at 3,915.59.
The support on Wall Street came as a slowdown in the spread of the coronavirus in different parts of the world and improved vaccine rollout efforts have helped generate continued buying interest.
Traders also remain optimistic about the outlook for the global economy and the likelihood of additional U.S. fiscal stimulus as Democrats have taken the first steps toward passing President Joe Biden's $1.9 trillion relief package without Republican support.
Crude oil prices moved up sharply on Monday, lifted by forthcoming production cuts and growing optimism for stimulus from the Biden administration. West Texas Intermediate Crude oil futures for March closed higher by $1.12 or 2 percent at $57.97 a barrel.
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