BEIJING (dpa-AFX) - The China stock market has tracked higher in back-to-back sessions, collecting almost 35 points or 0.9 percent along the way. The Shanghai Composite Index now sits just beneath the 3,925-point plateau and it may add to its winnings again on Tuesday.
The global forecast for the Asian markets is mixed to higher, with bargain hunting likely offset by oil prices and war concerns. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The SCI finished modestly higher on Monday as gains from the financial shares and oil companies were capped by weakness from the property sector.
For the day, the index gained 9.56 points or 0.24 percent to finish at 3,923.29 after trading between 3,872.78 and 3,924.29. The Shenzhen Composite Index eased 0.04 points or 0.00 percent to end at 2,579.50.
Among the actives, Industrial and Commercial Bank of China spiked 2.30 percent, while Bank of China vaulted 1.80 percent, Agricultural Bank of China rose 0.15 percent, China Merchants Bank perked 0.10 percent, Bank of Communications jumped 1.31 percent, China Life Insurance tumbled 1.71 percent, Jiangxi Copper dipped 0.25 percent, Aluminum Corp of China (Chalco) soared 4.63 percent, Yankuang Energy skidded 1.18 percent, PetroChina rallied 3.07 percent, China Petroleum and Chemical (Sinopec) climbed 1.19 percent, Huaneng Power plunged 4.41 percent, China Shenhua Energy added 0.67 percent, Gemdale shed 0.72 percent, Poly Developments sank 0.85 percent and China Vanke retreated 1.23 percent.
The lead from Wall Street offers little clarity as the major averages opened higher on Monday but faded as the day progressed and ended mixed.
The Dow added 49.50 points or 0.11 percent to finish at 45,216.14, while the NASDAQ slumped 153.72 points or 0.73 percent to end at 20,794.64 and the S&P 500 sank 25.13 points or 0.39 percent to close at 6,343.72.
Bargain hunting contributed to the initial strength on Wall Street, as some traders looked to pick up stocks at reduced levels following recent weakness.
Optimistic comments from President Donald Trump about the war in the Middle East also generated some early buying interest - but that optimism was short-lived after Trump threatened Iran with obliteration.
Buying interest waned over the course of the session, however, as the price of crude oil saw further upside amid ongoing concerns about the impact of the Middle East war.
Crude oil prices catapulted on Monday as the gulf region remains enveloped in war tension after the U.S. sends more soldiers to the area as Trump warned Iran to open the Strait of Hormuz. West Texas Intermediate crude for May delivery was up $3.05 or 3.06 percent at $102.69 per barrel.
Closer to home, China will see March results for its manufacturing, non-manufacturing and composite indexes this morning from the National Bureau of Statistics; in February, their scores were 49.0, 49.5 and 49.5, respectively.
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