BEIJING (dpa-AFX) - The China stock market has moved higher in back-to-back trading days, advancing almost 100 points or 2.9 percent along the way. The Shanghai Composite Index now rests just above the 3,580-point plateau although it may run out of steam on Wednesday.
The global forecast for the Asian markets suggests mild consolidation on profit taking, The European markets were mixed and little changed and the U.S. bourses were slightly lower and the Asian markets figure to split the difference.
The SCI finished sharply higher on Tuesday with gains across the board - especially from the financials, properties and resource stocks.
For the day, the index spiked 84.06 points or 2.40 percent to finish at 3,581.34 after trading between 3,502.44 and 3,584.58. The Shenzhen Composite Index jumped 44.68 points or 1.91 percent to end at 2,381.93.
Among the actives, Industrial and Commercial Bank of China climbed 1.35 percent, while Bank of China and China Petroleum and Chemical (Sinopec) both advanced 0.91 percent, China Construction Bank rallied 2.19 percent, China Merchants Bank soared 6.42 percent, Bank of Communications collected 1.03 percent, China Life Insurance spiked 4.11 percent, Jiangxi Copper jumped 1.83 percent, Aluminum Corp of China (Chalco) accelerated 2.30 percent, Yanzhou Coal rose 0.23 percent, PetroChina perked 2.16 percent, China Shenhua Energy improved 0.92 percent, Gemdale surged 3.45 percent, Poly Developments gained 2.98 percent, China Vanke gathered 2.18 percent and Huaneng Power and Beijing Capital Development were unchanged.
The lead from Wall Street is slightly negative as stocks were unable to hold an early advance on Tuesday, lingering near the unchanged line before finally finishing slightly lower.
The Dow shed 81.52 points or 0.24 percent to finish at 34,312.46, while the NASDAQ eased 4.00 points or 0.03 percent to end at 13,657.17 and the S&P 500 fell 8.92 points or 0.21 percent to close at 4,188.13.
The early strength on Wall Street came amid a continued pullback by treasury yields, with the yield on the benchmark ten-year note falling below 1.6 percent - which reflects easing worries about inflation and the possibility the Federal Reserve could begin tapering its asset purchases.
In economic news, the Commerce Department reported a substantial decrease in new home sales in April. Also, the Conference Board said U.S. consumer confidence held steady in May.
Crude oil futures settled marginally higher on Tuesday, with traders closely following the ongoing negotiations with regard to the Iran nuclear deal. West Texas Intermediate Crude oil futures for July edged up $0.02 to $66.07 a barrel.
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