BEIJING (dpa-AFX) - The China stock market has finished higher in two of three trading days after snapping the five-day losing streak in which it had surrendered almost 50 points or 1.5 percent. The Shanghai Composite Index now sits just above the 3,360-point plateau and it may tick higher again on Wednesday.
The global forecast for the Asian markets is upbeat on optimism over the outlook for tariffs and the economy. The European and U.S. markets were up and the Asian markets are expected to open in similar fashion.
The SCI finished modestly higher on Tuesday as gains from the financials and resource stocks were capped by weakness from the property sector.
For the day, the index added 14.49 points or 0.43 percent to finish at 3,361.98 after trading between 3,340.07 and 3,367.00. The Shenzhen Composite Index improved 9.53 points or 0.48 percent to end at 1,981.39.
Among the actives, Industrial and Commercial Bank of China gained 0.57 percent, while Agricultural Bank of China increased 0.72 percent, China Merchants Bank collected 1.24 percent, Bank of Communications improved 1.32 percent, China Life Insurance strengthened 1.31 percent, Jiangxi Copper advanced 0.94 percent, Aluminum Corp of China (Chalco) spiked 2.14 percent, Yankuang Energy sank 0.93 percent, PetroChina perked 0.12 percent, China Petroleum and Chemical (Sinopec) shed 0.52 percent, Huaneng Power added 0.55 percent, China Shenhua Energy slumped 0.99 percent, Gemdale plunged 3.64 percent, Poly Developments fell 0.25 percent, China Vanke dropped 0.90 percent and Bank of China was unchanged.
The lead from Wall Street is positive as the major averages shook off early weakness on Tuesday, climbing steadily higher to end near session highs.
The Dow rallied 214.16 points or 0.51 percent to finish at 42,519.64, while the NASDAQ jumped 156.34 points or 0.81 percent to close at 19,398.96 and the S&P 500 added 34.43 points or 0.58 percent to end at 5,970.37.
The continued strength on Wall Street came following the release of a Labor Department report showing an unexpected increase by job openings in the U.S. in the month of April.
Meanwhile, traders continued to await further developments on the trade front a month ahead of the expiration of President Donald Trump's 90-day tariff pause.
While tensions between the U.S. and China have seemingly risen in recent days, traders appear to remain generally optimistic about trade deals being reached.
The price of crude oil showed another strong move to the upside during trading on Tuesday amid ongoing concerns about supply due to escalating geopolitical tensions and stuttering U.S.-Iran nuclear talks. West Texas Intermediate crude for July delivery jumped $0.89 or 1.4 percent to $63.41 a barrel.
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