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China Shares Likely To See Additional Support

(RTTNews) - The China stock market has climbed higher in consecutive trading days, advancing more than 30 points or 1 percent along the way. The Shanghai Composite Index now rests just above the 2,845-point plateau and it's looking at a green light again for Wednesday's trade.

The global forecast for the Asian markets is broadly positive on optimism for economic recovery as economies continue to reopen. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The SCI finished sharply higher on Tuesday following gains from the financial shares, property stocks and insurance companies - while the energy producers were mixed.

For the day, the index climbed 28.58 points or 1.01 percent to finish at 2,846.55 after trading between 2,825.90 and 2,848.34. The Shenzhen Composite Index plummeted 38.70 points or 2.21 percent to end at 1,789.52.

Among the actives, Industrial and Commercial Bank of China shed 0.20 percent, while Bank of China lost 0.29 percent, China Construction Bank collected 0.16 percent, China Merchants Bank climbed 1.03 percent, China Life Insurance advanced 0.95 percent, Ping An Insurance added 0.69 percent, PetroChina rose 0.23 percent, China Petroleum and Chemical (Sinopec) fell 0.24 percent, Gemdale gained 0.48 percent, Poly Developments increased 0.39 percent, China Vanke jumped 1.45 percent and China Shenhua Energy and China Minsheng Bank were unchanged.
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