BEIJING (dpa-AFX) - The China stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day slide in which it had retreated more than 45 points or 0.6 percent. The Shanghai Composite Index now rests just beneath the 3,570-point plateau although it figures to open higher again on Tuesday.
The global forecast for the Asian markets is mixed to higher, with concerns over economic recovery tempered by support from crude oil prices. The European markets were down and the U.S. bourses were mostly higher and the Asian markets figure to follow the latter lead.
The SCI finished slightly lower on Monday as losses from the financials and properties were mitigated by support from the resource and energy companies.
For the day, the index dipped 4.23 points or 0.12 percent to finish at 3,568.14 after trading between 3,539.48 and 3,571.05.
Among the actives, Industrial and Commercial Bank of China shed 0.42 percent, while Bank of China collected 0.33 percent, China Merchants Bank tanked 2.72 percent, Bank of Communications and China Construction Bank both lost 0.66 percent, China Life Insurance retreated 2.36 percent, Jiangxi Copper surged 4.44 percent, Aluminum Corp of China (Chalco) spiked 3.47 percent, Yanzhou Coal skyrocketed 9.29 percent, PetroChina climbed 1.01 percent, China Petroleum and Chemical (Sinopec) rallied 2.04 percent, Huaneng Power perked 2.41 percent, China Shenhua Energy soared 7.42 percent, Gemdale surrendered 2.69 percent, Poly Developments plunged 3.62 percent and China Vanke plummeted 3.75 percent.
The lead from Wall Street is mixed as the major averages opened lower on Monday; the NASDAQ and S&P 500 quickly bounced higher and stayed that way, while the Dow remained in the red and finished slightly lower.
The Dow shed 36.15 points or 0.10 percent to finish at 35,258.61, while the NASDAQ jumped 124.47 points or 0.84 percent to close at 15,021.81 and the S&P rose 15.09 points or 0.34 percent to end at 4,486.46.
The initial weakness on Wall Street reflected profit taking following recent strength in the markets. Worries about the global economic outlook also weighed on the markets after data showed the Chinese economy hit its slowest pace of growth in a year in the third quarter.
An advance by Treasury yields also contributed to the initial drop, although selling pressure waned as yields pulled back well off their highs.
Solid economic data triggered some buying interest after the National Association of Home Builders reported a notable improvement in U.S. homebuilder confidence in October. Retail and software stocks also saw notable strength on the day, while biotechnology, airline and gold stocks moved to the downside.
Crude oil futures settled higher on Monday, extending recent gains amid expectations global energy demand will continue to rise following several countries easing travel restrictions. West Texas Intermediate Crude oil futures for November ended up by $0.16 or 0.2 percent at $82.44 a barrel.
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