BEIJING (dpa-AFX) - The China stock market has climbed higher in two straight sessions, gathering almost 100 points or 0.8 percent along the way. The Shanghai Composite Index now rests just above the 3,675-point plateau although the rally may stall on Wednesday.
The global forecast for the Asian markets suggests mild consolidation, thanks to sliding crude oil prices and 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 sharply higher on Tuesday following gains from the financial shares, resource stocks and oil companies.
For the day, the index spiked 54.73 points or 1.51 percent to finish at 3,676.59 after trading between 3,615.14 and 3,681.93. The Shenzhen Composite Index climbed 27.28 points or 1.11 percent to end at 2,490.64.
Among the actives, Industrial and Commercial Bank of China collected 0.42 percent, while Bank of China advanced 0.98 percent, China Construction Bank climbed 1.17 percent, China Merchants Bank soared 3.14 percent, Bank of Communications added 0.44 percent, China Life Insurance and Jiangxi Copper both jumped 1.58 percent, Aluminum Corp of China (Chalco) soared 4.15 percent, Yanzhou Coal spiked 2.86 percent, Huaneng Power plunged 3.00 percent, PetroChina accelerated 2.40 percent, China Petroleum and Chemical (Sinopec) rallied 2.75 percent, China Shenhua Energy gathered 2.46 percent, Gemdale shed 0.79 percent, Poly Developments was up 0.08 percent, China Vanke rose 0.19 percent and Beijing Capital Development was unchanged.
The lead from Wall Street is mixed as Dow and S&P opened in the red on Tuesday and finished the same way, while the NASDAQ opened slightly higher and managed to hold on to slim gains for a fresh record high.
The Dow dropped 269.09 points or 0.76 percent to finish at 35,100.00, while the NASDAQ added 10.81 points or 0.07 percent to close at 15,374.33 and the S&P 500 fell 15.40 points or 0.34 percent to end at 4,520.03.
The mixed open on Wall Street resulted in a cautious session with investors weighing the likely impact of surging coronavirus of the Delta variant on the pace of economic recovery.
Crude oil futures settled notably lower on Tuesday amid renewed worries about the outlook for energy demand due to continued surge in coronavirus cases in several countries. The drop in prices was also due to Saudi Arabia's decision to slash crude prices for Asia. West Texas Intermediate Crude oil futures for October ended down $0.94 or 1.4 percent at $68.35 a barrel.
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