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China Stock Market May Extend Its Gains

(RTTNews) - The China stock market has finished higher in back-to-back trading days, gathering almost 70 points or 2.3 percent along the way. The Shanghai Composite Index now rests just beneath the 2,985-point plateau and it's looking at another green light again on Tuesday.

The global forecast for the Asian markets is upbeat on optimism that the United States and China have finally concluded a portion of their elusive trade deal. The European and U.S. markets were up and the Asian bourses are tipped to follow that lead.

The SCI finished modestly higher on Monday as gains from the oil companies and properties were capped by weakness from the financial shares.

For the day, the index advanced 16.71 points or 0.56 percent to finish at 2,984.39 after trading between 2,958.71 and 2,984.64. The Shenzhen Composite Index jumped 25.86 points or 1.56 percent to end at 1,686.41.

Among the actives, Industrial and Commercial Bank of China and China Construction Bank both shed 0.69 percent, while China Merchants Bank lost 0.59 percent, China Life Insurance tumbled 1.88 percent, Ping An Insurance skidded 1.30 percent, PetroChina jumped 1.41 percent, China Petroleum and Chemical (Sinopec) added 0.40 percent, China Shenhua Energy gained 0.64 percent, Gemdale rose 0.23 percent, Poly Developments eased 0.06 percent, China Vanke surged 4.62 percent and Bank of China was unchanged.
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