BEIJING (dpa-AFX) - The China stock market has moved higher in back-to-back sessions, advancing almost 60 points or 1.5 percent along the way. The Shanghai Composite Index now sits just beneath the 4,025-point plateau and it's tipped to extend its gains on Tuesday.
The global forecast for the Asian markets is positive, with oil companies expected to lead the way - although profit-taking may creep in late in the day. The European and U.S. markets were up and the Asian bourses figure to at least open in similar fashion.
The SCI finished sharply higher on Monday following gains from the property and resource sectors, although the financial shares were soft.
For the day, the index climbed 54.58 points or 1.38 percent to finish at 4,023.42 after trading between 3,983.58 and 4,025.26. The Shenzhen Composite Index surged 50.56 points or 2.00 percent to end at 2,581.52.
Among the actives, Industrial and Commercial Bank of China slumped 1.39 percent, while Bank of China dropped 1.05 percent, Agricultural Bank of China contracted 1.43 percent, China Merchants Bank collected 0.59 percent, Bank of Communications fell 0.28 percent, China Life Insurance surged 6.09 percent, Jiangxi Copper skidded 1.13 percent, Aluminum Corp of China (Chalco) skyrocketed 6.55 percent, Yankuang Energy added 0.68 percent, PetroChina stumbled 3.27 percent, China Petroleum and Chemical (Sinopec) shed 0.30 percent, Huaneng Power lost 0.54 percent, China Shenhua Energy sank 0.59 percent, Gemdale vaulted 2.29 percent, Poly Developments soared 3.61 percent and China Vanke rallied 2.15 percent.
The lead from Wall Street is firm as the major averages opened higher on Monday and remained in the green throughout the trading day.
The Dow rallied 594.79 points or 1.23 percent to finish at 48,977.18, while the NASDAQ added 160.19 points or 0.69 percent to end at 23,395.82 and the S&P 500 gained 43.58 points or 0.64 percent to close at 6,902.05.
The jump by the Dow reflected a spike by shares of Chevron (CVX), with the energy giant soaring by 5.1 percent. Chevron, which is one of the leading private oil companies in Venezuela, surged following a U.S. attack on the country that led to the capture of President Nicolás Maduro.
The price of crude oil also shot up in reaction to the news, contributing to substantial strength among oil service stocks. The Philadelphia Oil Service Index spiked by 5.5 percent amid optimism about potential gains from rebuilding Venezuela's oil infrastructure.
On the U.S. economic front, the Institute for Supply Management said its reading on U.S. manufacturing activity unexpectedly decreased in December.
Crude oil prices surged on Monday after OPEC reaffirmed its plans to pause production increases for early 2026, thereby allaying oversupply concerns. West Texas Intermediate crude for February delivery was up $58.31 or 0.99 percent at $1.73 per barrel.
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