(RTTNews) - The China stock market has climbed higher in five straight sessions, jumping more than 115 points or 3.8 percent along the way. The Shanghai Composite Index now sits just above the 3,185-point plateau although it's overdue for profit taking on Wednesday.
The global forecast for the Asian markets suggests consolidation on concerns for the outlook for interest rates. The European markets were mixed and the U.S. bourses were down and the Asian markets also figure to open in the red.
The SCI finished sharply higher on Tuesday following gains from the resource and energy stocks, weakness from the properties and a mixed picture from the financial sector.
For the day, the index climbed 37.37 points or 1.19 percent to finish at 3,186.43 after trading between 3,142.00 and 3,188.60. The Shenzhen Composite Index spiked 31.06 points or 1.57 percent to end at 2,006.95.
Among the actives, Industrial and Commercial Bank of China rose 0.22 percent, while Bank of China fell 0.31 percent, China Construction Bank shed 0.66 percent, China Merchants Bank and China Life Insurance both collected 1.59 percent, Jiangxi Copper improved 0.78 percent, Aluminum Corp of China (Chalco) jumped 1.78 percent, Yankuang Energy slid 0.41 percent, PetroChina rallied 2.35 percent, China Petroleum and Chemical (Sinopec) climbed 1.36 percent, Huaneng Power soared 4.38 percent, Gemdale lost 0.67 percent, Poly Developments tumbled 2.21 percent, China Vanke eased 0.06 percent, China Fortune Land slumped 0.60 percent and Bank of Communications and China Shenhua Energy were unchanged.
The lead from Wall Street is negative as the major averages opened sharply lower on Tuesday, pared some of the losses as the day progressed but still finished firmly in the red.
The Dow dropped 222.84 points or 0.67 percent to finish at 32,990.12, while the NASDAQ slipped 49.74 points or 0.41 percent to close at 12,081.39 and the S&P 500 sank 26.09 points or 0.63 percent to end at 4,132.15.
The early pressure on Wall Street emerged after Federal Reserve governor Christopher Waller was quoted as saying that he favored 50 basis point hike at every meeting until there is a substantial reduction in inflation - and treasury yields ticked higher in response.
In economic news, the Conference Board noted a modest decrease in U.S. consumer confidence in May.
Crude oil prices bounced off a hit two-month high on Tuesday and finished modestly lower on reports that OPEC may suspend Russia's participation in an oil production deal. West Texas Intermediate Crude oil futures ended lower by $0.40 or 0.35 percent at $114.67 a barrel after rallying to $119.98 a barrel earlier in the day.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
