BEIJING (dpa-AFX) - The China stock market has moved higher in consecutive trading days, advancing more than 40 points or 1.2 percent along the way. The Shanghai Composite Index now rests just above the 3,565-point plateau although it may be stuck in neutral on Wednesday.
The global forecast for the Asian markets is soft, with inflation concerns offset by support from crude oil. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.
The SCI finished modestly higher on Tuesday following gains from the oil companies and mixed performances from the financials and properties.
For the day, the index gained 18.69 points or 0.53 percent to finish at 3,566.52 after trading between 3,542.82 and 3,567.48. The Shenzhen Composite Index rose 6.83 points or 0.27 percent to end at 2,491.97.
Among the actives, Industrial and Commercial Bank of China shed 0.42 percent, while Bank of China lost 0.33 percent, China Construction Bank rose 0.16 percent, China Merchants Bank jumped 1.67 percent, Bank of Communications sank 0.67 percent, China Life Insurance collected 0.79 percent, Jiangxi Copper dropped 0.85 percent, Aluminum Corp of China (Chalco) gained 0.52 percent, Yanzhou Coal skyrocketed 7.85 percent, PetroChina perked 0.41 percent, China Petroleum and Chemical (Sinopec) advanced 0.96 percent, China Shenhua Energy increased 0.91 percent, Gemdale slid 0.59 percent, Poly Developments was up 0.17 percent, China Vanke improved 0.08 percent and China Fortune Land and China Minsheng Bank were unchanged.
The lead from Wall Street is negative as stocks opened lower on Tuesday and then bounced back and forth across the unchanged line before ending in the red.
The Dow dropped 107.39 points or 0.31 percent to finish at 34,888.79, while the NASDAQ sank 55.59 points or 0.38 percent to end at 14,677.65 and the S&P 500 fell 15.42 points or 0.35 percent to close at 4,369.21.
Stocks moved lower in afternoon trading as treasury yields rose after the Treasury Department revealed this month's auction of $24 billion worth of thirty-year bonds.
The lower close on Wall Street also came after the Labor Department released a report showing consumer prices in the U.S. saw the biggest monthly increase in thirteen years in June.
On the earnings front, financial giants JPMorgan Chase (JPM) and Goldman Sachs (GS) both saw quarterly results that beat estimates, while snack and beverage giant PepsiCo (PEP) also reported better than expected second quarter results.
Crude oil prices rose sharply on Tuesday amid expectations crude stockpiles may have dropped last week. West Texas Intermediate Crude oil futures for August ended up $1.15 or 1.6 percent at $75.25 a barrel.
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