BEIJING (dpa-AFX) - The China stock market has climbed higher in three straight sessions, gathering almost 60 points or 1.9 percent along the way. The Shanghai Composite Index now sits just above the 3,240-point plateau and it's tipped to open in the green again on Wednesday.
The global forecast for the Asian markets is mixed to higher, with support expected from the oil and technology sectors. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The SCI finished slightly higher on Tuesday as gains from the financial shares and property stocks were capped by weakness from the resource companies.
For the day, the index rose 5.39 points or 0.17 percent to finish at 3,241.76 after trading between 3,222.64 and 3,253.09. The Shenzhen Composite Index eased 0.97 points or 0.05 percent to end at 2,072.58.
Among the actives, Industrial and Commercial Bank of China rose 0.22 percent, while Bank of China collected 0.31 percent, China Construction Bank perked 0.17 percent, China Merchants Bank advanced 0.98 percent, Bank of Communications was up 0.20 percent, China Minsheng Bank improved 0.26 percent, China Life Insurance increased 0.28 percent, Jiangxi Copper shed 0.48 percent, Aluminum Corp of China (Chalco) retreated 1.37 percent, Yankuang Energy skidded 1.17 percent, China Petroleum and Chemical (Sinopec) rallied 0.90 percent, Huaneng Power climbed 1.12 percent, China Shenhua Energy dropped 0.97 percent, Gemdale jumped 1.84 percent, Poly Developments soared 2.34 percent, China Vanke gained 0.81 percent, China Fortune Land gathered 1.23 percent and PetroChina was unchanged.
The lead from Wall Street is upbeat as the major averages shook off a lower open on Tuesday, picking up steam as the session progressed to end firmly in the green.
The Dow jumped 264.36 points or 0.80 percent to finish at 33,180.14, while the NASDAQ spiked 113.86 points or 0.94 percent to end at 12,175.23 and the S&P 500 gained 39.25 points or 0.95 percent to close at 4,160.68.
Worries about slowing growth, a weak margin guidance from Target, and a sell-off in the technology space contributed to Wall Street's weakness in early trades. However, top technology stocks soon recovered and the broad market too started climbing higher as well.
In U.S. economic news, the Commerce Department said the U.S. trade deficit narrowed significantly in the month of April, to $87.1 billion in April from $107.7 billion in March.
Crude oil prices climbed higher on Tuesday as prospects of increased demand from China and supply concerns outweighed concerns about growth. West Texas Intermediate Crude oil futures for July ended higher by $0.91 or 0.8 percent at $119.41 a barrel.
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