China Stock Market May Be Stuck In Neutral

(RTTNews) - The China stock market has moved higher in consecutive trading days, gathering more than 40 points or 1.3 percent along the way. The Shanghai Composite Index now rests just beneath the 2,935-point plateau although it may spin its wheels on Wednesday.

The global forecast for the Asian markets is mixed to lower, with tech shares offering mild support against pessimism regarding a trade deal between the United States and China - as well as plummeting crude oil prices. The European and U.S. markets were mostly lower and the Asian bourses figure to follow that lead.

The SCI finished modestly higher on Tuesday following gains from the financial shares and property stocks, while the oil and insurance companies were mixed.

For the day, the index advanced 24.79 points or 0.85 percent to finish at the daily high of 2,933.99 after moving as low as 2,902.85. The Shenzhen Composite Index spiked 29.61 points or 1.83 percent to end at 1,646.80.

Among the actives, Industrial and Commercial Bank of China collected 0.52 percent, while Bank of China and China Construction Bank both added 0.28 percent, China Merchants Bank rose 0.05 percent, China Life Insurance skidded 1.32 percent, Ping An Insurance increased 0.20 percent, PetroChina gained 0.36 percent, China Petroleum and Chemical (Sinopec) dipped 0.20 percent, Baoshan Iron spiked 1.90 percent, China Shenhua Energy was up 0.58 percent, Gemdale accelerated 1.86 percent, Poly Developments surged 2.55 percent and China Vanke jumped 1.14 percent.
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