(RTTNews) – The China stock market has finished higher in two of three trading days since the end of the two-day losing streak in which it had retreated almost 30 points or 1 percent. The Shanghai Composite Index now sits just beneath the 3,330-point plateau and it’s for a firm lead again for Wednesday.
The global forecast for the Asian markets is mixed to higher on renewed optimism for economic stimulus in the face of the coronavirus pandemic. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The SCI finished modestly higher on Tuesday as gains from the energy producers were offset by weakness from the financials and properties.
For the day, the index gained 15.44 points or 0.47 percent to finish at the daily high of 3,328.10 after moving as low as 3,293.77. The Shenzhen Composite Index spiked 29.86 points or 1.33 percent to end at 2,279.38.
Among the actives, Industrial and Commercial Bank of China dropped 0.80 percent, while Bank of China sank 0.93 percent, China Construction Bank tanked 2.61 percent, China Merchants Bank eased 0.05 percent, Bank of Communications shed 0.65 percent, China Life Insurance fell 0.22 percent, Ping An Insurance tumbled 0.76 percent, PetroChina dipped 0.24 percent, China Petroleum and Chemical (Sinopec) added 0.26 percent, Anhui Conch Cement gained 0.44 percent, Huaneng Power climbed 1.15 percent, China Shenhua Energy slid 0.18 percent, Gemdale skidded 1.04 percent, Poly Developments retreated 0.86 percent, China Vanke surrendered 0.94 percent and Beijing Capital Development was unchanged.
The lead from Wall Street is positive as stocks opened higher on Tuesday, fell from afternoon highs but still ended solidly in the green – cutting into the previous session’s losses.
The Dow climbed 113.37 points or 0.40 percent to finish at 28,308.79, while the NASDAQ added 37.61 points or 0.33 percent to end at 11,516.49 and the S&P 500 gained 16.20 points or 0.47 percent to close at 3,443.12.
The rebound on Wall Street comes amid renewed optimism about lawmakers in Washington reaching an agreement on a new stimulus bill as Democrats and Republicans work to narrow their differences.
Reports that Moderna’s coronavirus vaccine could be available for emergency use in December if it gets positive results from its interim trial next month further aided sentiment.
Crude oil futures moved higher on Tuesday on expectations of a drop in U.S. crude inventories and that OPEC and its allies will scale back production. West Texas Intermediate Crude oil futures for December ended up $0.64 or 1.6 percent at $41.70 a barrel.
A Global Asset Management Seoul Korea Magazine