BEIJING (dpa-AFX) - The China stock market has alternated between positive and negative finishes through the last six trading days since the end of the five-day losing streak in which it had surrendered almost 100 points or 2.8 percent. The Shanghai Composite Index now sits just beneath the 3,235-point plateau and it figures to bounce higher again on Tuesday.
The global forecast for the Asian markets is positive as financial institutions around the world continue to takes steps to head off more turmoil. The European and U. S. markets were up and the Asian bourses are tipped to follow that lead.
The SCI finished modestly lower on Monday following losses from the property stocks nd mixed performances from the financials and resource companies.
For the day, the index slipped 15.64 points or 0.48 percent to finish at 3,234.91 after trading between 3,231.65 and 3,267.99. The Shenzhen Composite Index eased 6.54 point or 0.32 percent to end at 2,053.65.
Among the actives, Industrial and Commercial Bank of China dipped 0.22 percent, while Bank of China collected 0.86 percent, China Merchants Bank sank 0.70 percent, Bank of Communications advanced 0.97 percent, China Life Insurance fell 0.23 percent, Jiangxi Copper improved 0.85 percent, Aluminum Corp of China (Chalco) rose 0.36 percent, Yankuang Energy declined 1.21 percent, PetroChina skidded 1.03 percent, China Petroleum and Chemical (Sinopec) slid 0.35 percent, Huaneng Power tanked 2.70 percent, China Shenhua Energy climbed 0.91 percent, Gemdale dropped 0.92 percent, Poly Developments lost 0.56 percent, China Vanke retreated 1.13 percent and China Construction Bank was unchanged.
The lead from Wall Street is upbeat as the major averages opened mixed on Monday but all eventually settled firmly in the green.
The Dow surged 382.60 points or 1.20 percent to finish at 32,244.58, while the NASDAQ rose 45.02 points or 0.39 percent to close at 11,675.54 and the S&P 500 added 34.93 points or 0.89 percent to end at 3,951.57.
The strength on Wall Street partly reflected a positive reaction to the latest efforts to address turmoil in the banking sector, including UBS Group's (UBS) state-backed acquisition of Credit Suisse (CS).
The Federal Reserve also announced it has joined with other central banks around to world to take coordinated action to enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements.
Traders were also looking ahead to the Fed's monetary policy announcement on Wednesday, with CME Group's FedWatch Tool currently indicating a 26.9 percent chance interest rates will remain unchanged and a 73.1 percent chance of a 25-basis point rate hike.
Crude oil prices moved higher on Monday to settle on a firm note, shrugging off concerns the banking chaos might lead to financial crisis or a recession. West Texas Intermediate Crude oil futures for April ended higher by $0.90 or 1.4 percent at $67.64 a barrel.
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