BEIJING (dpa-AFX) - The China stock market on Tuesday snapped the two-day losing streak in which it had stumbled more than 80 points or 2.3 percent. The Shanghai Composite Index now rests just above the 3,625-point plateau and it's expected to extend its gains on Wednesday.
The global forecast for the Asian markets is upbeat on easing Covid concerns and surging oil prices. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The SCI finished modestly higher on Tuesday following gains from the financials, properties and resource companies.
For the day, the index gained 31.52 points or 0.88 percent to finish at 3,625.12 after trading between 3,591.45 and 3,627.09. The Shenzhen Composite Index advanced 25.91 points or 1.05 percent to end at 2,504.33
Among the actives, Industrial and Commercial Bank of China advanced 0.87 percent, while Bank of China collected 0.33 percent, China Construction Bank added 0.69 percent, China Merchants Bank dipped 0.12 percent, Bank of Communications rose 0.44 percent, China Life Insurance gained 0.80 percent, Jiangxi Copper improved 0.66 percent, Aluminum Corp of China (Chalco) increased 0.48 percent, Yankuang Energy rallied 2.29 percent, PetroChina advanced 1.03 percent, China Petroleum and Chemical (Sinopec) perked 0.72 percent, Huaneng Power climbed 1.24 percent, China Shenhua Energy spiked 2.02 percent, Gemdale surged 6.26 percent, Poly Developments accelerated 5.03 percent, China Vanke jumped 3.83 percent, China Fortune Land skyrocketed 7.38 percent and Beijing Capital Development soared 5.65 percent.
The lead from Wall Street is solid as the major averages opened higher on Tuesday and accelerated into the close, finishing near daily highs.
The Dow surged 560.54 points or 1.60 percent to finish at 35,492.70, while the NASDAQ spiked 360.14 points or 2.40 percent to close at 15,341.09 and the S&P 500 jumped 81.21 points or 1.78 percent to end at 4,649.23.
Bargain hunting contributed to the strength on Wall Street as traders picked up stocks at reduced levels on the heels of recent weakness. Monday's steep drop dragged the tech-heavy NASDAQ to its lowest closing level in over two months.
The rebound followed a report from Moderna (MRNA) about the effectiveness of a booster dose of its Covid-19 vaccine against the Omicron variant - which said a booster dose of its Covid-19 vaccine increased antibody levels against Omicron.
Crude oil futures settled sharply higher Tuesday as prices rebounded from losses in the previous two sessions. West Texas Intermediate Crude oil futures for February ended up by $2.51 or 3.7 percent at $71.12 a barrel.
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