BEIJING (dpa-AFX) - The China stock market ticked higher again on Tuesday, one day after ending the three-day winning streak in which it had risen almost 25 points or 0.6 percent. The Shanghai Composite Index now sits just beneath the 4,140-point plateau and it's likely to stay in that neighborhood again on Wednesday.
The global forecast for the Asian markets suggests mild upside, boosted by gains from the oil, gold and technology sectors. The European and U.S. markets were mixed to higher and the overbought Asian bourses may see mild upside - although they may see profit taking later in the day.
The SCI finished slightly higher on Tuesday following mixed performances from the financial shares and energy producers, while the property sector was soft.
For the day, the index rose 7.30 points or 0.18 percent to finish at 4,139.90 after trading between 4,101.83 and 4,158.80. The Shenzhen Composite Index slipped 2.59 points or 0.10 percent to end at 2,718.26.
Among the actives, Industrial and Commercial Bank of China dipped 0.14 percent, while Agricultural Bank of China collected 0.73 percent, China Merchants Bank rose 0.21 percent, China Life Insurance rallied 3.35 percent, Jiangxi Copper plunged 3.22 percent, Aluminum Corp of China (Chalco) dropped 0.97 percent, Yankuang Energy stumbled 2.80 percent, PetroChina added 0.48 percent, China Petroleum and Chemical (Sinopec) dipped 0.16 percent, Huaneng Power plunged 2.57 percent, China Shenhua Energy tanked 2.40 percent, Gemdale tumbled 2.53 percent, Poly Developments sank 0.75 percent and China Vanke retreated 1.45 percent.
The lead from Wall Street is murky as the major averages opened mixed on Tuesday and stayed that way throughout the trading day.
The Dow tumbled 407.72 points or 0.83 percent to finish at 49,004.68, while the NASDAQ jumped 215.74 points or 0.91 percent to close at 23,817.10 and the S&P 500 added 30.82 points or 0.44 percent to end at 6,981.05.
The strength in the broader markets came as traders remain optimistic ahead of the release of earnings news from big-name tech companies like Microsoft (MSFT), Apple (AAPL) and Meta Platforms (META).
Traders were also cautious ahead of the monetary policy announcement from the Federal Reserve later today. While the Fed is widely expected to leave interest rates unchanged, traders will pay close attention to the accompanying statement for clues about the outlook for rates.
In U.S. economic news, the Conference Board reported a significant deterioration in consumer confidence in January - hitting its lowest level since May 2014,.
Crude oil prices soared on Tuesday as U.S. naval forces have started building up near Iran, while Lebanese and Yemeni militias have pledged support to Iran, leading to a heightening of tensions. West Texas Intermediate crude for March delivery was up $1.61 or 2.66 percent at $62.24 per barrel.
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