BEIJING (dpa-AFX) - The China stock market rebounded on Monday, one session after ending the four-day winning streak in which it had advanced more than 100 points or 2.5 percent. The Shanghai Composite Index now sits just above the 4,225-point plateau and it's expected to open in the green again on Tuesday.
The global forecast for the Asian markets is mixed with a touch of upside as ambiguity continues to reign in the Middle East. The European markets were mixed and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.
The SCI finished sharply higher on Monday following gains from the property and insurance stocks, weakness from the resource companies and a mixed picture from the financial sector.
For the day, the index climbed 45.07 points or 1.08 percent to finish at 4,225.02 after trading between 4,186.08 and 4,229.58. The Shenzhen Composite Index jumped 46.62 points or 1.62 percent to end at 2,922.37.
Among the actives, Industrial and Commercial Bank of China collected 0.13 percent, while Bank of China was up 0.07 percent, Agricultural Bank of China retreated 1.30 percent, China Merchants Bank perked 0.08 percent, Bank of Communications shed 0.45 percent, China Life Insurance jumped 1.72 percent, Jiangxi Copper skidded 1.00 percent, Aluminum Corp of China (Chalco) slumped 1.01 percent, Yankuang Energy dipped 0.14 percent, PetroChina eased 0.09 percent, China Petroleum and Chemical (Sinopec) gained 0.77 percent, Huaneng Power spiked 3.03 percent, China Shenhua Energy slipped 0.02 percent, Gemdale surged 6.40 percent, Poly Developments soared 3.27 percent and China Vanke rallied 2.25 percent.
The lead from Wall Street suggests mild upside as the major averages opened mixed on Monday and largely hugged the line throughout the session, finishing with slight gains.
The Dow climbed 95.31 points or 0.19 percent to finish at 49,704.47, while the NASDAQ added 27.05 points or 0.10 percent to close at a record 26,274.13 and the S&P 500 rose 13.19 points or 0.19 percent to end at 7,412.84, also a record.
The choppy trading on Wall Street came as traders expressed some uncertainty about the near-term outlook for the markets following recent strength.
Crude oil futures surged after President Donald Trump rejected Iran's response to a U.S. proposal to end the months-long war, calling it 'totally unacceptable' in a post on Truth Social. West Texas Intermediate crude for June delivery was up $3.33 or 3.49 percent at $98.75 per barrel.
Trump later told reporters the U.S.-Iran ceasefire is on 'life support' amid the ongoing dispute, describing the state of the truce 'unbelievably weak.'
However, U.S. markets have recently been able to shrug off concerns about the impact of the Middle East conflict amid upbeat earnings news.
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