(RTTNews) - The China stock market headed south again on Tuesday, one session after snapping the two-day losing streak in which it had fallen almost 60 points or 1.8 percent. The Shanghai Composite Index now rests just above the 3,200-point plateau and it figures to bounce higher again on Wednesday.
The global forecast for the Asian markets is broadly positive on hopes for a cease fire between Russia and Ukraine. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The SCI finished modestly lower on Tuesday following losses from the properties, gains from the oil companies and mixed performances from the financials and energy stocks.
For the day, the index shed 10.56 points or 0.33 percent to finish at 3,203.94 after trading between 3,196.46 and 3,229.18. The Shenzhen Composite Index sank 12.03 points or 0.57 percent to end at 2,084.47.
Among the actives, Industrial and Commercial Bank of China collected 0.64 percent, while Bank of China added 0.63 percent, China Construction Bank advanced 0.97 percent, China Merchants Bank eased 0.09 percent, Bank of Communications improved 0.80 percent, China Life Insurance skidded 1.19 percent, Jiangxi Copper sank 0.76 percent, Aluminum Corp of China (Chalco) retreated 1.47 percent, Yankuang Energy shed 0.64 percent, PetroChina strengthened 1.08 percent, China Petroleum and Chemical (Sinopec) climbed 0.93 percent, Huaneng Power tanked 2.34 percent, China Shenhua Energy rallied 2.94 percent, Gemdale plunged 2.86 percent, Poly Developments slumped 0.83 percent, China Vanke declined 1.63 percent, Beijing Capital Development tumbled 2.01 percent and China Fortune Land plummeted by the 10 percent daily limit.
The lead from Wall Street is solid as the major averages opened firmly higher on Tuesday and stayed that way throughout the session.
The Dow surged 338.30 points or 0.97 percent to finish at 35,294.19, while the NASDAQ soared 264.73 points or 1.84 percent to end at 14,619.64 and the S&P 500 climbed 56.08 points or 1.23 percent to close at 4,631.08.
Reports about encouraging progress in a cease-fire talks between Russia and Ukraine in Turkey helped lift investor sentiment on Wall Street.
In economic news, the Labor Department said the number of job openings in the United States was little changed in February, while the S&P CoreLogic Case-Shiller 20-city home price index rose 19.1 percent in January. And the Conference Board showed an unexpected improvement in U.S. consumer confidence in March.
Crude oil prices dropped on Tuesday amid easing worries about global crude supply after positive reports of the peace talks. West Texas Intermediate crude futures for May ended down by $1.72 or 1.6 percent at $104.24 a barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
