BEIJING (dpa-AFX) - The China stock market on Tuesday snapped the three-day slide in which it had slumped more than 125 points or 3 percent. The Shanghai Composite Index now sit just above the 4,010-point plateau although it may hand back those gains on Wednesday.
The global forecast for the Asian markets is negative as hostilities in the Middle East tick higher. The European and U.S. markets were mostly in the red and the Asin bourses are likely to follow that lead.
The SCI finished sharply higher on Tuesday following gains from the financial shares and resource stocks, although the properties and oil companies were soft.
For the day, the index climbed 50.69 points or 1.28 percent to finish at 4,010.03 after trading between 3,955.91 and 4,010.87. The Shenzhen Composite Index jumped 65.41 points or 2.44 percent to end at 2,742.63.
Among the actives, Industrial and Commercial Bank of China collected 0.53 percent, while Bank of China dipped 0.16 percent, Agricultural Bank of China added 0.46 percent, China Merchants Bank eased 0.03 percent, Bank of Communications rose 0.29 percent, China Life Insurance gained 0.42 percent, Jiangxi Copper climbed 1.20 percent, Aluminum Corp of China (Chalco) vaulted 1.30 percent, Yankuang Energy tumbled 1.98 percent, PetroChina plunged 5.57 percent, China Petroleum and Chemical (Sinopec) slumped 2.24 percent, Huaneng Power improved 0.59 percent, China Shenhua Energy cratered 3.51 percent, Gemdale tanked 1.97 percent, Poly Developments stumbled 1.90 percent and China Vanke shed 0.64 percent.
The lead from Wall Street is weak as the major averages opened higher but quickly tailed off into the red, although the Dow managed to creep back above water by the end of the day.
The Dow added 86.10 points or 0.17 percent to finish at 50,872.11, while the NASDAQ slumped 250.84 points or 0.97 percent to end at 25,678.82 and the S&P 500 slipped 19.08 points or 0.26 percent to end at 7,386.65.
The notable pullback by the NASDAQ came amid renewed weakness among tech stocks, which had regained some ground on Monday following last Friday's sell-off.
Semiconductor stocks helped lead the sector lower before rebounding, with the Philadelphia Semiconductor Index tumbling by 1.9 percent, while computer hardware, networking and software stocks also moved significantly lower.
In economic news, the National Association of Realtors released a report showing existing home sales in the U.S. spiked by much more than anticipated in the month of May.
Crude oil prices plunged on Tuesday after Israel and Iran halted their exchange of attacks. West Texas Intermediate crude for July delivery was down $3.11 or 3.41 percent at $88.19 per barrel.
However, sentiment took a hit after the markets closed as the U.S. launched a fresh attack on Iran in response to the loss of a helicopter over the Strait of Hormuz.
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