BEIJING (dpa-AFX) - The China stock market on Tuesday halted the two-day slide in which it had stumbled almost 60 points or 1.7 percent. The Shanghai Composite Index now rests just beneath the 3,450-point plateau and it's expected to open higher again on Wednesday.
The global forecast for the Asian markets is broadly positive on easing geopolitical concerns and bargain hunting. The European and U.S. markets finished firmly higher and the Asian markets are expected to open in similar fashion.
The SCI finished modestly higher on Tuesday as weakness from the oil and financial stocks weighed on gains from the broader market.
For the day, the index gained 17.21 points or 0.50 percent to finish at 3,446.09 after trading between 3,421.64 and 3,447.49. The Shenzhen Composite Index jumped 30.50 points or 1.35 percent to end at 2,283.63.
Among the actives, Industrial and Commercial Bank of China sank 0.83 percent, while Bank of China shed 0.63 percent, China Construction Bank lost 0.80 percent, China Merchants Bank tumbled 1.91 percent, Bank of Communications declined 0.81 percent, China Life Insurance fell 0.32 percent, Jiangxi Copper skidded 0.86 percent, Aluminum Corp of China (Chalco) weakened 0.66 percent, Yankuang Energy and China Shenhua Energy both plunged 2.60 percent, PetroChina plummeted 2.92 percent, China Petroleum and Chemical (Sinopec) tanked 2.03 percent, Huaneng Power advanced 0.74 percent, Gemdale jumped 1.79 percent, Poly Developments rose 0.07 percent, China Vanke surrendered 2.12 percent and Beijing Capital slumped 2.42 percent.
The lead from Wall Street is firm as the major averages opened higher on Tuesday and stayed that way throughout the session, finishing solidly in the green.
The Dow surged 422.67 points or 1.22 percent to finish at 34,988.84, while the NASDAQ soared 348.84 points or 2.53 percent to end at 14,139.76 and the S&P 500 spiked 69.40 points or 1.58 percent to close at 4,471.07.
The rebound on Wall Street came amid easing geopolitical concerns following news Russia is pulling back some troops from the Ukrainian border. Concerns about a destabilizing conflict between Russia and the Ukraine have weighed on stocks over the past few sessions.
Meanwhile, traders largely shrugged off a report from the Labor Department showing U.S. producer prices jumped by much more than expected in January.
Crude oil prices tumbled on Tuesday as worries about supply disruptions eased amid the de-escalation of tensions between Russia and Ukraine. West Texas Intermediate Crude oil futures for March ended down by $3.39 or 3.6 percent at $92.07 a barrel.
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