(RTTNews.com) – The China stock market has moved higher in consecutive trading days, gathering almost 15 points or 0.4 percent along the way. The Shanghai Composite Index now rests just beneath the 3,380-point plateau, and it may extend its gains on Wednesday.
The global forecast for the Asian markets suggests mild upside, with support expected from the oil and technology sectors. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.
The SCI finished barely higher on Tuesday as gains from the financials were capped by weakness from the oil companies and properties.
Among the actives, Industrial and Commercial Bank of China added 0.68 percent, while Agricultural Bank of China collected 0.52 percent, Bank of China gained 0.24 percent, Vanke eased 0.08 percent, Gemdale shed 0.57 percent, PetroChina lost 0.62 percent, China Petroleum and Chemical (Sinopec) fell 0.33 percent, China Life gathered 0.14 percent, Ping An Insurance jumped 1.52 percent and Zijin Mining slipped 0.48 percent.
The lead from Wall Street is upbeat as stocks moved higher on Tuesday, with the S&P 500 hitting a record closing high.
The Dow added 61.49 points or 0.28 percent to 22,118.86, while the NASDAQ gained 22.02 points or 0.34 percent to 6,454.28 and the S&P was up 8.37 points or 0.34 percent to 2,496.48.
Tech stocks strengthened amid Apple’s highly-anticipated product launches – including its much awaited iPhone 8, iPhone 8S, and the iPhone X, its biggest iPhone redesign in a decade.
Financials also got a boost on optimism for tax reform by year’s end.
Crude oil futures continued to rise Tuesday amid hopes that OPEC can re-balance oil markets by possibly extending the oil production cuts that expire in March. October WTI oil was up 16 cents or 0.3 percent to $48.23/bbl.
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