(RTTNews) – The China stock market has moved higher in two straight sessions, gathering almost 35 points or 1 percent along the way. The Shanghai Composite Index now rests just shy of the 3,400-point plateau and it figures to tick higher again on Tuesday.
The global forecast for the Asian markets is optimistic thanks to Brexit and stimulus news, although profit taking may set in as the day progresses. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.
The SCI finished barely higher on Monday following gains from the resource stocks, losses from the oil companies and properties and mixed performances from the financials.
For the day, the index rose 0.72 points or 0.02 percent to finish at 3,397.29 after trading between 3,383.65 and 3,412.52. The Shenzhen Composite Index eased 0.99 points or 0.04 percent to end at 2,273.01.
Among the actives, Bank of China shed 0.31 percent, while China Construction Bank lost 0.48 percent, China Merchants Bank collected 0.75 percent, China Life Insurance slid 0.32 percent, Jiangxi Copper jumped 1.21 percent, Aluminum Corp of China (Chalco) rose 0.27 percent, Yanzhou Coal gained 0.29 percent, PetroChina sank 0.72 percent, China Petroleum and Chemical (Sinopec) slid 0.25 percent, China Shenhua Energy added 0.43 percent, Gemdale dropped 0.67 percent, Poly Developments fell 0.38 percent, China Vanke climbed 1.14 percent, China Fortune Land tanked 2.11 percent, Beijing Capital Development tumbled 2.35 percent and Industrial and Commercial Bank of China and Bank of Communications were unchanged.
The lead from Wall Street is solid as stocks opened higher on Monday and remained in the green throughout the session, sending the major averages to fresh record closing highs.
The Dow jumped 204.10 points or 0.68 percent to finish at 30,403.97, while the NASDAQ climbed 94.69 points or 0.74 percent to end at 12,899.42 and the S&P 500 gained 32.30 points or 0.87 percent to close at 3,735.36.
The strength on Wall Street came in reaction to news that President Donald Trump finally signed a $2.3 trillion government spending bill that includes approximately $900 billion in coronavirus relief funds.
Trading activity remained subdued, however, with many traders still away from their desks ahead of the New Year’s Day holiday on Friday.
Crude oil prices drifted lower on Monday as rising coronavirus cases and tighter restrictions on travel in several places raised concerns about outlook for energy demand. West Texas Intermediate Crude oil futures for February ended down $0.61 or 1.3 percent at $47.62 a barrel.
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