(RTTNews.com) – The China stock market has finished higher in two straight sessions, gathering almost 40 points or 1.3 percent. The Shanghai Composite Index now rests just beneath the 3,115-point plateau and it’s expected to remain in that neighborhood again on Wednesday.
The global forecast for the Asian markets suggests little movement amid a lack of catalysts, although oil and technology stocks should limit any downside. The European and U.S. bourses were mixed and flat, and the Asian markets figure to follow suit.
The SCI finished modestly higher on Tuesday following gains from the financial shares, property stocks and insurance companies.
For the day, the index gained 23.02 points or 0.74 percent to finish at 3,114.21 after trading between 3,080.05 and 3,114.77. The Shenzhen Composite Index soared 29.77 points or 1.70 percent to end at 1,777.73.
Among the actives, Industrial and Commercial Bank of China picked up 0.18 percent, while Bank of Communications shed 0.17 percent, China Merchants Bank gained 0.03 percent, China Construction Bank added 0.14 percent, Bank of China was unchanged, China Life collected 0.72 percent, Ping An Insurance jumped 1.65 percent, China Petroleum and Chemical (Sinopec) skidded 1.05 percent, PetroChina perked 0.25 percent and China Vanke advanced 0.70 percent.
The lead from Wall Street offers little clarity as stocks showed a lack of direction on Tuesday, although the tech-heavy NASDAQ reached a fresh record closing high.
The Dow fell 13.71 points or 0.06 percent to 24,799.98, the NASDAQ climbed 31.40 points or 0.41 percent to 7,637.86 and the S&P 500 added 1.93 points or 0.07 percent to 2,748.80.
The lack of direction came as traders expressed uncertainty about the near-term outlook for the markets.
An upcoming G-7 summit in Canada as well as the planned meeting between President Donald Trump and North Korean leader Kim Jong Un next week also kept traders on the sidelines.
In economic news, the Institute for Supply Management said activity in the U.S. service sector grew faster than expected in May.
Crude oil futures rebounded Tuesday amid bargain hunting after steep recent losses. WTI light sweet crude oil was up 74 cents at $65.49 a barrel, after hitting a two-month low.
Read the original article on RTTNews (http://www.rttnews.com/2902052/china-stock-market-may-be-stuck-in-neutral.aspx)
For comments and feedback: contact email@example.com