BEIJING (dpa-AFX) - The China stock market on Tuesday ended the two-day slide in which it had tumbled more than 250 points or 7.4 percent. The Shanghai Composite Index now sits just beneath the 3,150-point plateau although it may turn lower again on Wednesday.
The global forecast suggests volatility, with wild swings on deeply discounted stocks tempered by ongoing trade concerns. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.
The SCI finished sharply higher on Tuesday following gains from the financial shares, property stocks and energy companies.
For the day, the index climbed 48.97 points or 1.58 percent to finish at 3,145.55 after trading between 3,085.12 and 3,145.55. The Shenzhen Composite Index improved 14.46 points or 0.81 percent to end at 1,791.83.
Among the actives, Industrial and Commercial Bank of China gathered 0.89 percent, while Bank of China gained 0.55 percent, Agricultural Bank of China climbed 1.59 percent, China Merchants Bank added 0.78 percent, Bank of Communications collected 0.69 percent, China Life Insurance increased 2.61 percent, Jiangxi Copper slumped 1.54 percent, Aluminum Corp of China (Chalco) stumbled 2.64 percent, Yankuang Energy advanced 4.71 percent, PetroChina improved 4.90 percent, China Petroleum and Chemical (Sinopec) surged 5.39 percent, Huaneng Power jumped 3.09 percent, China Shenhua Energy rallied 4.93 percent, Gemdale spiked 5.87 percent, Poly Developments soared 7.19 percent and China Vanke accelerated 3.03 percent.
The lead from Wall Street suggests further consolidation as the major averages opened in the green on Tuesday but faded as the day progressed, ending firmly under water.
The Dow stumbled 320.01 points or 0.84 percent to finish at 37,645.69, while the NASDAQ plunged 335.35 points or 2.15 percent to close at 15,267.91 and the S&P 500 dropped 79.48 points or 1.57 percent to end at 4,982.77.
The early rally on Wall Street partly reflected optimism about negotiations on President Donald Trump's new tariffs that could help avoid a global trade war.
Buying waned over the course of the session, however, as tensions over tariffs continue to rise between the U.S. and China.
After showing a strong move to the upside early in the session, the price of crude oil once again came under pressure over the course of the trading day on Tuesday. West Texas Intermediate for May delivery tumbled $1.12 or 1.9 percent to $59.58 a barrel, its lowest level since April 2021.
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