The China stock market on Monday snapped the two-day losing streak in which it had fallen almost 60 points or 1.8 percent. The Shanghai Composite Index now rests just beneath the 3,215-point plateau and it may add to its winnings on Tuesday.
The global forecast for the Asian markets is cautiously optimistic, with technology stocks expected to lead the way higher. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The SCI finished slightly higher on Monday following gains from the financials, properties and energy companies.
For the day, the index rose 2.26 points or 0.07 percent to finish at 3,214.50 after trading between 3,159.83 and 3,230.22. The Shenzhen Composite Index lost 17.23 points or 0.82 percent to end at 2,096.50.
Among the actives, Industrial and Commercial Bank of China strengthened 1.52 percent, while Bank of China collected 0.32 percent, China Construction Bank climbed 1.31 percent, China Merchants Bank fell 0.29 percent, Bank of Communications improved 1.22 percent, China Life Insurance dipped 0.16 percent, Jiangxi Copper advanced 0.92 percent, Aluminum Corp of China (Chalco) jumped 2.00 percent, Yankuang Energy rallied 7.34 percent, PetroChina spiked 3.54 percent, China Petroleum and Chemical (Sinopec) surged 3.13 percent, Huaneng Power soared 3.12 percent, China Shenhua Energy accelerated 7.51 percent, Gemdale gathered 0.14 percent, Poly Developments perked 1.01 percent, China Vanke increased 2.07 percent and China Fortune Land skyrocketed 9.92 percent.
The lead from Wall Street is positive as the major averages shook off early sluggishness and picked up steam later in the day, ending near session highs.
The Dow advanced 94.65 points or 0.27 percent to finish at 34,955.89, while the NASDAQ surged 185.60 points or 1.31 percent to close at 14,354.90 and the S&P 500 gained 32.46 points or 0.71 percent to end at 4,575.52.
The late rally on Wall Street was fueled largely by technology stocks, despite the rising prospects of aggressive monetary tightening by the Federal Reserve to rein in inflation.
In geopolitical news, Russia and Ukraine are set to resume diplomatic talks later today in Turkey. Russia has reportedly signaled that it may scale down its war and aims to concentrate on eastern Ukraine.
Crude oil prices fell on Monday amid concerns about outlook for energy demand from the world’s largest oil importer after Shanghai announced fresh lockdowns to curb the spread of Covid-19 infections in the country. West Texas Intermediate Crude oil futures for May ended down by $7.94 or 7 percent at $105.96 a barrel.
Market Analysis
Additional Support Called For China Stock Market
2022-03-29 01:00:36
