BEIJING (dpa-AFX) - The China stock market has finished higher in three straight sessions, gaining almost 100 points or 2.3 percent along the way. The Shanghai Composite Index now sits just beneath the 4,140-point plateau although it's due for consolidation on Wednesday.
The global forecast for the Asian markets is soft thanks to geopolitical concerns. The European and U.S. markets were down, likely consigning Asian markets at records highs to profit taking.
The SCI finished modestly higher on Tuesday as gains from the financial and resource stocks were capped by weakness from the property sector.
For the day, the index added 18.33 points or 0.33 percent to finish at 4,138.76 after trading between 4,140.97 and 4,179.70. The Shenzhen Composite Index tumbled 38.48 points or 1.42 percent to end at 2,676.04.
Among the actives, Industrial and Commercial Bank of China advanced 0.90 percent, while Bank of China collected 0.36 percent, Agricultural Bank of China climbed 1.20 percent, China Merchants Bank perked 0.02 percent, Bank of Communications dipped 0.14 percent, China Life Insurance spiked 3.22 percent, Jiangxi Copper rallied 2.12 percent, Aluminum Corp of China (Chalco) improved 0.87 percent, Yankuang Energy slumped 1.27 percent, PetroChina accelerated 2.23 percent, Huaneng Power added 0.41 percent, China Shenhua Energy rose 0.10 percent, Gemdale retreated 1.25 percent, Poly Developments lost 0.61 percent, China Vanke skidded 1.02 percent and China Petroleum and Chemical (Sinopec) was unchanged.
The lead from Wall Street is negative as the major averages opened mixed on Tuesday but quickly headed south and spent most of the balance of the day in the red, finishing off session lows.
The Dow dropped 398.21 points or 0.80 percent to finish at 49,191.99, while the NASDAQ sank 24.03 points or 0.10 percent to close at 23,709.87 and the S&P 500 dipped 13.53 points or 0.19 percent to end at 6,963.74.
The choppy trading by the broader markets reflected uncertainty about the near-term outlook amid rising geopolitical tensions around the world and a flurry of proposals by President Donald Trump.
In U.S. economic news, the Labor Department released a report showing consumer prices in the U.S. increased in line with economist estimates in the month of December.
Crude oil prices skyrocketed on Tuesday, extending a recent surge amid increasing geopolitical risks due to escalating tensions between the U.S. and Iran, which have raised output-and-supply concerns. West Texas Intermediate crude for February delivery was up $1.55 or 2.61 percent at $61.05 per barrel.
Closer to home, China will release December figures for imports, exports and trade balance later this morning. Imports are expected to rise 0.9 percent on year, down from 1.9 percent in November. Exports are called higher by an annual 3.0 percent, moderating from 5.9 percent in the previous month. The trade surplus is pegged at $114.30 billion, up from $111.68 billion a month earlier.
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