BEIJING (dpa-AFX) - The China stock market has finished lower in two of three trading days since the end of the three-day winning streak in which it had rallied almost 90 points or 2.2 percent. The Shanghai Composite Index now sits just above the 4,040-point plateau and it's likely to remain rangebound again on Tuesday.
The global forecast for the Asian markets is mixed to higher, with support expected from the technology and oil stocks. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The SCI finished slightly lower on Monday following mixed performances from the properties and resource stocks, while the financials offered support.
For the day, the index eased 2.41 points or 0.06 percent to finish at 4,041.24 after trading between 4,005.41 and 4,060.07. The Shenzhen Composite Index slumped 36.02 points or 1.29 percent to end at 27,56.56.
Among the actives, Industrial and Commercial Bank of China climbed 1.14 percent, while Bank of China expanded 1.44 percent, Agricultural Bank of China collected 1.19 percent, China Merchants Bank improved 2.44 percent, Bank of Communications collected 2.00 percent, China Life Insurance rose 0.31 percent, Jiangxi Copper plunged 3.10 percent, Aluminum Corp of China (Chalco) vaulted 1.80 percent, Yankuang Energy soared 5.62 percent, PetroChina strengthened 1.34 percent, China Petroleum and Chemical (Sinopec) rallied 2.55 percent, Huaneng Power retreated 1.27 percent, China Shenhua Energy spiked 2.97 percent, Gemdale added 0.46 percent, Poly Developments jumped 1.71 percent and China Vanke shed 0.65 percent.
The lead from Wall Street is firm as the major averages opened higher on Monday and largely spent most of the day in the green, ending near daily highs.
The Dow climbed 155.84 points or 0.29 percent to finish at a record 53,055.91, while the NASDAQ jumped 288.49 points or 1.12 percent to close at 26,121.16 and the S&P 500 gained 54.19 points or 0.72 percent to end at 7,537.43.
The upward move on Wall Street came amid strength among technology stocks, with computer hardware stocks turning in some of the best performances as the NYSE Arca Computer Hardware Index shot up by 3.4 percent.
Substantial strength was also visible among networking and semiconductor stocks, with the NYSE Arca Networking Index and the Philadelphia Semiconductor Index surging by 2.8 percent and 2.2 percent, respectively.
In U.S. economic news, the Institute for Supply Management said growth in U.S. service sector activity slowed slightly in June, although it was in line with expectations.
Crude oil prices ticked lower on Monday as oil tanker traffic across the Strait of Hormuz increased gradually, while the Organization of Petroleum Exporting Countries (OPEC) agreed to increase output. West Texas Intermediate crude for August delivery was down $0.15 or 0.22 percent at $68.54 per barrel.
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