BEIJING (dpa-AFX) - The China stock market has moved higher in back-to-back sessions, collecting more than 35 points or 0.8 percent along thee way. The Shanghai Composite Index now sits just above the 4,180-point plateau although it may run out of steam on Tuesday.
The global forecast for the Asian markets is mixed, with geopolitical concerns expected to war with bargain hunting. The European markets were down and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.
The SCI finished modestly higher on Monday following gains from the oil, finance and resource stocks, although the property sector was soft.
For the day, the index added 19.71 points or 0.47 percent to finish at 4,182.59 after trading between 4,131.37 and 4,188.77. The Shenzhen Composite Index sank 18.72 points or 0.68 percent to end at 2,744.86.
Among the actives, Industrial and Commercial Bank of China added 0.58 percent, while Bank of China collected 0.57 percent, Agricultural Bank of China vaulted 1.25 percent, China Merchants Bank fell 0.21 percent, Bank of Communications rose 0.46 percent, China Life Insurance tumbled 2.00 percent, Jiangxi Copper spiked 2.71 percent, Aluminum Corp of China (Chalco) soared 4.01 percent, Yankuang Energy surged 6.38 percent, PetroChina and China Petroleum and Chemical (Sinopec) both skyrocketed by the 10 percent daily limit, Huaneng Power expanded 2.21 percent, China Shenhua Energy accelerated 5.84 percent, Gemdale tanked 2.43 percent, Poly Developments eased 0.15 percent and China Vanke stumbled 1.86 percent.
The lead from Wall Street offers little clarity as the major averages opened lower on Monday but gradually came back and hugged the line for the rest of the day, ending mixed.
The Dow sank 73.14 points or 0.15 percent to finish at 48,904.78. while the NASDAQ gained 80.65 points or 0.36 percent to close at 22,748.86 and the S&P 500 rose 2.74 points or 0.04 percent to end at 6,881.62.
Early selling pressure was generated in reaction to the news that the U.S. and Israel launched joint strikes against Iran over the weekend, killing Iranian Supreme Leader Ayatollah Ali Khamenei.
The subsequent turnaround came as traders used the initial sell-off as an opportunity to pick up stocks at reduced levels after the Dow hit its lowest intraday level in two months.
In U.S. economic news, the Institute for Supply Management released a report showing a slight slowdown in the pace of growth in U.S. manufacturing activity in the month of February.
Crude oil prices skyrocketed on Monday amid concerns about supply disruptions due to the conflict in the Middle East. West Texas Intermediate crude for April delivery surged $4.08 or 6.1 percent to $71.10 a barrel.
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