BEIJING (dpa-AFX) - The China stock market has tracked higher in two straight sessions, collecting more than 60 points or 1.8 percent along the way. The Shanghai Composite Index now sits just above the 3,420-point plateau and it's tipped to open to the upside again on Wednesday.
The global forecast for the Asian markets is upbeat following news of a ceasefire between Israel and Iran. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The SCI finished sharply higher on Tuesday following gains from the financial shares, insurance companies and property stocks.
For the day, the index improved 38.98 points or 1.15 percent to finish at the daily high of 3,423.78 after moving as low as 3,380.08. The Shenzhen Composite Index spiked 35.63 points or 1.79 percent to end at 2,023.32.
Among the actives, Industrial and Commercial Bank of China strengthened 1.46 percent, while Bank of China collected 0.88 percent, Agricultural Bank of China climbed 1.19 percent, China Merchants Bank improved 1.08 percent, Bank of Communications jumped 1.61 percent, China Life Insurance spiked 3.29 percent, Jiangxi Copper increased 1.25 percent, Aluminum Corp of China (Chalco) rose 0.43 percent, Yankuang Energy fell 0.24 percent, PetroChina retreated 1.43 percent, China Petroleum and Chemical (Sinopec) sank 0.70 percent, Huaneng Power dipped 0.14 percent, Gemdale expanded 1.37 percent, Poly Developments gained 1.14 percent, China Vanke advanced 0.95 percent and China Shenhua Energy was unchanged.
The lead from Wall Street is positive as the major averages opened solidly higher and remained in the green throughout the trading day, ending near session highs.
The Dow jumped 507.24 points or 1.19 percent to finish at 43,089.02, while the NASDAQ rallied 281.56 points or 1.43 percent to close at 19,912.53 and the S&P 500 improved 67.01 points or 1.11 percent to end at 6,092.18.
The continued strength on Wall Street came after news that a ceasefire between Israel and Iran is now in effect. While both sides have accused each other of violating the ceasefire, traders appeared to remain optimistic about easing tensions in the Middle East.
Meanwhile, traders largely shrugged off comments from Federal Reserve Chair Jerome Powell indicating the central bank will remain on hold despite pressure from Trump to lower interest rates.
On the U.S. economic front, the Conference Board released a report showing an unexpected deterioration by consumer confidence in the month of June.
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