China Stock Market May Add To Its Winnings On Tuesday
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(RTTNews) - The China stock market has finished higher in two straight sessions, advancing almost 70 points or 2.1 percent along the way. The Shanghai Composite now sits just above the 3,360-point plateau and it's tipped to open in the green again on Tuesday. The global forecast for the Asian markets suggests mild upside, supported by strength from the technology stocks. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference. The SCI finished sharply higher on Monday following gains from the resource and energy stocks, while the oil companies were down and the financials were mixed. For the day, the index climbed 37.53 points or 1.13 percent to finish at 3,363.98 after trading between 3,323.01 and 3,369.30. The Shenzhen Composite Index rallied 35.49 points or 1.76 percent to end at 2,052.44. Among the actives, Industrial and Commercial Bank of China fell 0.33 percent, while China Construction Bank shed 0.50 percent, China Merchants Bank collected 0.47 percent, Agricultural Bank of China rose 0.21 percent, China Life Insurance advanced 0.97 percent, Jiangxi Copper rallied 1.38 percent, Aluminum Corp of China (Chalco) improved 0.93 percent, Yankuang Energy added 0.55 percent, PetroChina dipped 0.25 percent, China Petroleum and Chemical (Sinopec) sank 0.79 percent, Huaneng Power strengthened 1.29 percent, China Shenhua Energy dropped 0.88 percent, Gemdale perked 0.17 percent, China Vanke gained 0.93 percent and Bank of China and Poly Developments were unchanged.
The lead from Wall Street is cautiously optimistic as the major averages opened mixed and finished the same way.
The Dow slumped 128.65 points or 0.29 percent to finish at 4,4782.00, while the NASDAQ rallied 185.78 points or 0.97 percent to close at a record 19,403.95 and the S&P 500 added 14.77 points or 0.24 percent to end at 6,047.15.
Investors were cautious ahead of a slew of crucial economic data later this week, including reports on private sector and non-farm payroll employment, service sector activity and a reading on consumer sentiment.
In U.S. economic news, the Commerce Department said construction spending increased more than expected in October. Also, the Institute for Supply Management said its reading on U.S. manufacturing increased by more than expected in November but continued to indicate a contraction.
Crude oil prices climbed higher on Monday on possible supply disruptions due to rising tensions on the geopolitical front although the upside was marginal as investors look to Thursday's OPEC meeting. West Texas Intermediate Crude oil futures for January ended up by $0.10 or 0.15 percent at $68.10 a barrel.
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