BEIJING (dpa-AFX) - The China stock market on Monday wrote a finish to the two-day losing streak in which it had retreated almost 60 points or 2/7 percent. The Shanghai Composite Index now rests just shy of the 3,535-point plateau and it's tipped to open in the green again on Tuesday.
The global forecast for the Asian markets suggests mild upside on optimism for continued economic recovery. The U.S. markets were closed for the Independence Day holiday and the European bourses finished higher and the Asian bourses are expected to open in similar fashion.
The SCI finished modestly higher on Monday following gains from the resource stocks, losses from the financials and oil companies and a mixed picture from the properties.
For the day, the index picked up 15.56 points or 0.44 percent to finish at the daily high of 3,534.32 after moving as low as 3,510.58. The Shenzhen Composite Index advanced 17.62 points or 0.74 percent to end at 2,414.40.
Among the actives, Industrial and Commercial Bank of China dropped 0.95 percent, while China Construction Bank shed 0.60 percent, China Merchants Bank dipped 0.21 percent, Bank of Communications fell 0.41 percent, China Life Insurance spiked 2.13 percent, Jiangxi Copper skyrocketed 5.62 percent, Aluminum Corp of China (Chalco) surged 4.47 percent, Yanzhou Coal spiked 2.17 percent, PetroChina sank 0.76 percent, China Petroleum and Chemical (Sinopec) slid 0.23 percent, China Shenhua Energy soared 3.53 percent, Gemdale eased 0.10 percent, Poly Developments tumbled 1.74 percent, China Vanke lost 0.96 percent, China Fortune Land climbed 1.19 percent and Bank of China was unchanged.
There is no lead from Wall Street, but European and Canadian stocks closed higher on Monday - shaking off a weak start to break into the green mid-session and accelerate going into the close.
The gains came as rising optimism about economic rebound on the back of data showing stronger than expected growth of eurozone private sector helped offset concerns about the spread of the delta variant of the coronavirus.
Energy stocks provided considerable support after crude oil prices rose sharply as OPEC abandoned output talks without a deal. West Texas Intermediate crude for August delivery jumped $1.20 or 1.56 percent to $76.36 per barrel.
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