China Stock Market May Add To Its Winnings On Tuesday

(RTTNews) – The China stock market on Monday snapped the two-day slide in which it had stumbled more than 75 points or 2.2 percent. The Shanghai Composite Index now rests just above the 3,540-point plateau and it may see additional support on Tuesday.

The global forecast for the Asian markets suggests mild upside, supported by crude oil prices and optimism for economic recovery. The European markets were up and the U.S. markets were off on holiday, and the Asian markets are also expected to tick higher.

The SCI finished modestly higher on Monday following gains from the property stocks and mixed performances from the financials, resource stocks and energy producers.

For the day, the index gained 20.41 points or 0.58 percent to finish at 3,541.67 after trading between 3,519.43 and 3,546.09. The Shenzhen Composite Index jumped 37.62 points or 1.54 percent to end at 2,473.01.

Among the actives, Industrial and Commercial Bank of China shed 0.64 percent, while China Construction Bank lost 0.66 percent, China Merchants Bank climbed 1.17 percent, Bank of Communications slumped 0.63 percent, China Life Insurance fell 0.41 percent, Jiangxi Copper dropped 0.89 percent, Aluminum Corp of China (Chalco) skidded 1.18 percent, Yankuang Energy eased 0.04 percent, PetroChina added 0.57 percent, China Petroleum and Chemical (Sinopec) declined 0.47 percent, Huaneng Power rallied 2.02 percent, China Shenhua Energy was down 0.58 percent, Gemdale surged 3.53 percent, Poly Developments soared 2.81 percent, China Vanke advanced 0.82 percent, China Fortune Land gained 0.56 percent and Bank of China and Financial Street were unchanged.

There is no lead from Wall Street as the markets were off Monday for the Martin Luther King Jr. holiday and will return to action on Tuesday.

The European markets provide a positive secondary lead, thanks to a combination of bargain hunting, slowing coronavirus numbers and economic optimism.

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