(RTTNews) – The China stock market has climbed higher in three straight sessions, advancing more than 40 points or 1.1 percent along the way. The Shanghai Composite Index now rests just above the 3,715-point plateau and it’s got another green light for Tuesday’s trade.
The global forecast for the Asian markets suggests mild upside, supported mainly by crude oil prices. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The SCI finished modestly higher on Monday following sharp gains from the resource and property stocks, while the financials came in mixed.
For the day, the index gained 12.26 points or 0.33 percent to finish at 3,715.37 after trading between 3,692.82 and 3,716.83. The Shenzhen Composite Index eased 1.18 points or 0.05 percent to end at 2,500.83
Among the actives, Industrial and Commercial Bank of China shed 0.42 percent, while China Construction Bank collected 0.32 percent, China Merchants Bank lost 0.37 percent, Bank of Communications added 0.66 percent, China Life Insurance advanced 0.91 percent, Jiangxi Copper surged 8.29 percent, Aluminum Corp of China (Chalco) and Yanzhou Coal both skyrocketed 10 percent, PetroChina accelerated 5.97 percent, China Petroleum and Chemical (Sinopec) spiked 3.30 percent, Anhui Conch Cement soared 4.00 percent, China Shenhua Energy jumped 6.92 percent, Gemdale advanced 6.44 percent, Poly Developments perked 5.54 percent, China Vanke gained 4.22 percent and Bank of China and China Fortune Land were unchanged.
The lead from Wall Street is mixed as the major averages opened higher on Monday, although the NASDAQ quickly slipped into the red and finished that way. The Dow and the S&P went on to halt five-session slides.
The Dow jumped 261.91 points or 0.76 percent to finish at 34,869.63, while the NASDAQ dipped 9.91 points or 0.07 percent to close at 15,105.58 and the S&P 500 rose 10.15 points or 0.23 percent to end at 4,468.73.
The strength on Wall Street came as traders went bargain hunting following the downward move seen over the past several sessions.
However, the looming Federal Reserve meeting made traders reluctant to make significant moves, with the central bank potentially providing an update on the outlook for its asset purchase program.
The Fed’s two-day monetary policy meeting is scheduled for next week, but recent signs of slowing economic momentum could lead the central bank to hold off on discussing tapering.
The price of crude oil showed a notable move to the upside during trading on Monday, reflecting lingering concerns about U.S. supply. After jumping $1.58 or 2.3 percent to $69.72 a barrel last Friday, crude for October delivery climbed $0.73 or 1 percent to $70.45 a barrel.