BEIJING (dpa-AFX) - The China stock market has finished higher in nine straight sessions, advancing almost 140 points or 3.5 percent along the way. The Shanghai Composite Index now sits just above the 3,960-point plateau, although investors may lock in gains on Tuesday.
The global forecast for the Asian markets is soft, with profit taking expected ahead of the end of the year. The European markets were mixed and flat and the U.S. bourses were down and the Asian markets figure to follow the latter lead.
The SCI finished barely higher on Monday as gains from the financial and energy shares were offset by weakness from the property sector.
For the day, the index perked 1.60 points or 0.04 percent to finish at 3,965.28 after trading between 3,956.95 and 3,983.98. The Shenzhen Composite Index fell 8.30 points or 0.33 percent to end at 2,533.64.
Among the actives, Industrial and Commercial Bank of China gained 0.77 percent, while Bank of China climbed 1.25 percent, Agricultural Bank of China jumped 1.73 percent, China Merchants Bank collected 0.41 percent, Bank of Communications spiked 2.08 percent, China Life Insurance slumped 1.16 percent, Jiangxi Copper vaulted 1.41 percent, Aluminum Corp of China (Chalco) stumbled 3.29 percent, Yankuang Energy perked 0.22 percent, PetroChina rallied 2.13 percent, China Petroleum and Chemical (Sinopec) soared 3.63 percent, Huaneng Power plummeted 5.07 percent, China Shenhua Energy rose 0.32 percent, Gemdale dropped 0.96 percent, Poly Developments skidded 1.12 percent and China Vanke shed 0.63 percent
The lead from Wall Street is weak as the major averages opened under water on Monday and stayed that way throughout the trading day.
The Dow dropped 249.04 points or 0.49 percent to finish at 48,461.93, while the NASDAQ sank 118.75 points or 0.50 percent to and at 23,474.35 and the S&P 500 shed 24.20 points or 0.35 percent to close at 6,905.74.
The pullback on Wall Street reflected profit taking, as some traders looked to cash in on recent gains going into the end of the year.
A pullback by big-name tech companies also weighed on the markets, with Nvidia (NVDA) and Oracle (ORCL) showing notable moves to the downside.
In U.S. economic news, the National Association of Realtors said pending home sales in the U.S. shot up much more than expected in November.
Crude oil prices surged on Monday, with Russia-Ukraine attacks continuing, the U.S.-Venezuela conflict escalating, and fresh conflicts brewing in the Middle East - all increasing supply concerns. West Texas Intermediate crude for February delivery was up $1.25 or 2.20 percent at $57.99 per barrel.
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