BEIJING (dpa-AFX) - The China stock market has finished higher in three straight sessions, advancing more than 60 points or 1.7 percent along the way. The Shanghai Composite Index now rests just beneath the 3,150-point plateau and it's looking at another green light for Tuesday's trade.
The global forecast for the Asian markets is broadly positive, with support expected from the financial, oil and telecom stocks. The European and U.S. markets were sharply higher and the Asian bourses figure to open in similar fashion.
The SCI finished barely higher on Monday as gains from the resource stocks were offset by sharp losses from the properties and a mixed picture from the financials and energy companies.
For the day, the index rose 0.29 points or 0.01 percent to finish at 3,146.86 after trading between 3,127.90 and 3,150.51. The Shenzhen Composite Index gained 11.09 points or 0.56 percent to end at 1,994.76.
Among the actives, Industrial and Commercial Bank of China fell 0.22 percent, while Bank of China collected 0.31 percent, China Construction Bank dipped 0.17 percent, China Merchants Bank skidded 1.18 percent, Bank of Communications rose 0.20 percent, China Life Insurance shed 0.44 percent, Jiangxi Copper strengthened 1.62 percent, Aluminum Corp of China (Chalco) soared 3.35 percent, Yankuang Energy slid 0.27 percent, China Petroleum and Chemical (Sinopec) eased 0.23 percent, Huaneng Power plunged 3.11 percent, China Shenhua Energy gained 0.40 percent, Gemdale tanked 3.26 percent, Poly Developments plummeted 5.58 percent, China Vanke tumbled 2.91 percent, China Fortune Land slumped 0.56 percent and PetroChina was unchanged.
The lead from Wall Street is upbeat as the major averages opened higher on Monday and largely accelerated as the day progressed, ending solidly in the green.
The Dow surged 618.34 points or 1.98 percent to finish at 31,880.24, while the NASDAQ soared 180.66 points or 1.59 percent to end at 11,535.27 and the S&P 500 jumped 72.39 points or 1.86 percent to close at 3,973.75.
The strength on Wall Street came as traders continued to pick up stocks at reduced levels, extending the recovery seen late in the trading session last Friday.
Buying interest was also generated in reaction to news the financial hub of Shanghai has lifted some of its COVID-19 restrictions and U.S. President Joe Biden said he was weighing cutting tariffs on Chinese goods.
Crude oil futures pared early gains and settled flat on Monday. Oil prices climbed higher earlier in the day amid hopes of increased demand from China, while a weaker dollar also offered support. But prices came off higher levels as the day progressed and eventually settled little changed.
West Texas Intermediate crude oil futures for July ended at $110.29 a barrel, up a penny from Friday's close of $110.28 a barrel. The contract rose to a high of $111.96 earlier in the day.
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