BEIJING (dpa-AFX) - The China stock market on Tuesday ended the two-day winning streak in which it had gained almost 35 points or 0.9 percent. The Shanghai Composite Index now sits just above the 3,890-point plateau although it's expected to bounce higher again on Wednesday.
The global forecast for the Asian markets is upbeat on optimism for an end to hostilities in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.
The SCI finished modestly lower on Tuesday as losses from the property and energy companies were mitigated by support from the financial sector.
For the day, the index sank 31.43 points or 0.80 percent to finish at the daily low of 3,891.86 after peaking at 3,948.81. The Shenzhen Composite Index tumbled 44.14 points or 1.71 percent to end at 2,535.36.
Among the actives, Industrial and Commercial Bank of China advanced 0.92 percent, while Bank of China spiked 3.53 percent, Agricultural Bank of China rallied 3.24 percent, China Merchants Bank fell 0.41 percent, Bank of Communications collected 0.43 percent, China Life Insurance dropped 0.93 percent, Jiangxi Copper tumbled 1.78 percent, Aluminum Corp of China (Chalco) plunged 4.76 percent, Yankuang Energy tanked 3.97 percent, PetroChina stumbled 2.01 percent, China Petroleum and Chemical (Sinopec) declined 1.51 percent, Huaneng Power retreated 1.96 percent, China Shenhua Energy surrendered 2.24 percent, Gemdale sank 0.73 percent, Poly Developments slipped 0.34 percent and China Vanke shed 0.50 percent.
The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and continued to accelerate throughout the day, ending at session highs.
The Dow surged 1,125.37 points or 2.49 percent to finish at 46,341.51, while the NASDAQ rallied 795.99 points or 3.83 percent to end at 21,590.63 and the S&P 500 jumped 184.80 points or 2.91 percent to close at 6,528.52.
Despite the rally on the day, the major averages all posted steep losses for the month of March. The Dow plummeted 5.4 percent, the S&P 500 plunged 5.1 percent and the NASDAQ tumbled 4.8 percent.
The rally on Wall Street followed reports that U.S. President Donald Trump is looking to end the war in the Middle East even if the Strait of Hormuz remains largely closed.
Bargain hunting also contributed to the strength on Wall Street, with the NASDAQ and the S&P 500 bouncing off their lowest closing levels in almost eight months.
Crude oil plummeted Tuesday on reports that Trump was willing to push Iran to reopen the Strait of Hormuz through diplomatic efforts. West Texas Intermediate crude for May delivery was down $1.28 or 1.24 percent at $101.60 per barrel.
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