BEIJING (dpa-AFX) - The China stock market bounced higher again on Monday, one session after ending the five-day winning streak in which it had rallied almost 90 points or 2.2 percent. The Shanghai Composite Index now sits just above the 4,080-point plateau although it's looking at another soft start on Tuesday.
The global forecast for the Asian markets is soft thanks to recent developments in the Middle East. The European and U.S. markets were down and the Asian bourses are expected to follow suit.
The SCI finished modestly higher on Monday following a mixed performance from the financial sector, while the oil and property stocks were weak.
For the day, the index gained 26.58 points or 0.66 percent to finish at 4,082.13 after trading between 4,051.69 and 4,083.19. The Shenzhen Composite Index improved 18.57 points or 0.68 percent to end at 2,762.28.
Among the actives, Industrial and Commercial Bank of China collected 1.47 percent, while Bank of China was down 0.53 percent, Agricultural Bank of China rallied 2.71 percent, China Merchants Bank eased 0.10 percent, Bank of Communications jumped 1.88 percent, China Life Insurance lost 0.63 percent, Jiangxi Copper skidded 1.19 percent, Aluminum Corp of China (Chalco) cratered 3.83 percent, Yankuang Energy plunged 3.15 percent, PetroChina retreated 1.46 percent, China Petroleum and Chemical (Sinopec) tanked 2.30 percent, Huaneng Power dropped 1.14 percent, China Shenhua Energy lost 0.66 percent, Gemdale slumped 0.71 percent, Poly Developments shed 0.50 percent and China Vanke sank 0.76 percent.
The lead from Wall Street is weak as the major averages opened mixed on Monday but quickly turned lower and ended in the red, although off of session lows.
The Dow dipped 4.87 points or 0.01 percent to finish at 49,442.56, while the NASDAQ shed 64.09 points or 0.26 percent to close at 24,404.39 and the S&P 500 sank 16.92 points or 0.24 percent to end at 7,109.14.
The modest weakness on Wall Street came amid concerns about the re-escalation of tensions between the U.S. and Iran following the latest developments in the Middle East.
Over the weekend, Iran once again closed the Strait of Hormuz and purportedly fired on tankers in the vital waterway, blaming the U.S. blockade of Iranian ports for the moves.
The latest threats combined with news that U.S. forces have seized an Iranian-flagged cargo ship in the Gulf of Oman, contributed to a significant rebound by the price of crude oil.
Crude oil prices skyrocketed on Monday after the U.S. seized an Iranian cargo ship and Iran vowed to retaliate, renewing supply-related concerns. West Texas Intermediate crude for May delivery was up $5.54 or 6.61 percent at $89.39 per barrel.
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