BEIJING (dpa-AFX) - The China stock market on Tuesday ended the three-day losing streak in which it had tumbled almost 250 points or 6.2 percent. The Shanghai Composite Index now sits just above the 3,880-point plateau and it's looking at a soft start on Wednesday.
The global forecast for the Asian markets suggests renewed pressure thanks to a rebound by crude oil prices. The European markets were mixed and flat and the U.S. bourses were slightly lower and the Asian markets figure to split the difference.
The SCI finished sharply higher on Tuesday following gains from the financial shares, property stocks and resource companies, although the energy producers were down.
For the day, the index jumped 68.00 points or 1.78 percent to finish at 3,881.28 after trading between 3,807.99 and 3,881.42. The Shenzhen Composite Index spiked 53.89 points or 2.17 percent to end at 2,534.64.
Among the actives, Industrial and Commercial Bank of China advanced 0.97 percent, while Bank of China collected 1.48 percent, Agricultural Bank of China added 0.46 percent, China Merchants Bank expanded 1.47 percent, Bank of Communications spiked 2.25 percent, China Life Insurance fell 0.33 percent, Jiangxi Copper soared 3.02 percent, Aluminum Corp of China (Chalco) vaulted 2.26 percent, Yankuang Energy skidded 1.11 percent, PetroChina tanked 2.84 percent, China Petroleum and Chemical (Sinopec) slumped 1.66 percent, Huaneng Power rallied 2.45 percent, China Shenhua Energy tumbled 2.06 percent, Gemdale jumped 1.82 percent, Poly Developments improved 0.84 percent and China Vanke strengthened 1.74 percent.
The lead from Wall Street is soft as the major averages opened lower on Tuesday and bounced back and forth cross the unchanged line before settling slightly in the red.
The Dow shed 84.41 points or 0.18 percent to finish at 46,124.06, while the NASDAQ dropped 184.87 points or 0.84 percent to end at 21,761.89 and the S&P 500 sank 24.63 points or 0.37 percent to close at 6,556.37.
The choppy trading on Wall Street came amid a rebound by the price of crude oil, with international benchmark Brent crude futures surging back above $100 a barrel.
Crude oil prices surged on Tuesday as market participants found U.S. President Donald Trump's announcement of U.S.-Iran peace talks to be unfounded. West Texas Intermediate crude for May delivery was up $3.90 or 4.43 percent at $92.03 per barrel.
Iran's foreign ministry said Trump's remarks were 'part of efforts to reduce energy prices and buy time' for military plans.
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