BEIJING (dpa-AFX) - The China stock market to the upside returned from the long Lunar New Year break, one session after ending the four-day winning streak in which it had advanced almost 80 points or 2 percent. The Shanghai Composite Index now sits just beneath the 4,120-point plateau and it's likely to open in the green again on Wednesday.
The global forecast for the Asian markets is cautiously optimistic, with technology shares likely to lead the markets higher. The European markets were mixed and flat and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The SCI finished modestly higher on Tuesday following gains from the resource and energy companies, while the financial shares and property stocks were mixed.
For the day, the index gained 35.34 points or 0.87 percent to finish at 4,117.41 after trading between 4,105.94 and 4,131.55. The Shenzhen Composite Index climbed 32.99 points or 1.23 percent to end at 2,713.38.
Among the actives, Industrial and Commercial Bank of China sank 0.70 percent, while Agricultural Bank of China lost 0.46 percent, China Merchants Bank collected 0.59 percent, Bank of Communications rose 0.30 percent, China Life Insurance tanked 2.07 percent, Jiangxi Copper spiked 3.78 percent, Aluminum Corp of China (Chalco) accelerated 2.13 percent, Yankuang Energy jumped 1.96 percent, PetroChina soared 5.22 percent, China Petroleum and Chemical (Sinopec) vaulted 3.30 percent, Huaneng Power climbed 1.15 percent, China Shenhua Energy rallied 2.58 percent, Gemdale advanced 0.91 percent, Poly Developments improved 0.74 percent and China Vanke skidded 1.01 percent.
The lead from Wall Street is positive as the markets opened flat on Tuesday but quickly trended upward and spent the balance of the day in positive territory, ending near session highs.
The Dow soared 370.44 points or 0.76 percent to finish at 49,174.50, while the NASDAQ rallied 236.41 points or 1.04 percent to end at 22,863.68 and the S&P 500 gained 52.32 points or 0.77 percent to close at 6,890.07.
The strength on Wall Street reflected bargain hunting, as some traders looked to pick up stocks at relatively reduced levels following the steep drop on Monday when the Dow fell to a one-month low.
Semiconductor stocks lead the move back to the upside, with the Philadelphia Semiconductor Index jumping by 1.5 percent to a new record closing high. Significant strength was also visible among networking, gold, airline and software stocks.
In U.S. economic news, the Conference Board showed an unexpected improvement in U.S. consumer confidence in February as its consumer confidence index rose to 91.2 from an upwardly revised 89.0 in January.
Crude oil prices fell slumped Tuesday as traders continue to evaluate the potential turbulence in the trade tariff environment following the U.S. Supreme Court's ruling on reciprocal tariffs. West Texas Intermediate crude for April delivery sank $0.71 or 1.1 percent to $66.31 a barrel.
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