China Stock Market Due For Consolidation On Tuesday

(RTTNews) - The China stock market has finished higher in three straight session, gathering almost 130 points or 3.9 percent in that span. The Shanghai Composite Index now rests just above the 3,500-point plateau although investors may cash in on Tuesday.

The global forecast for the Asian markets is soft, with several regional bourses ripe for profit taking, while an uptick in coronavirus cases may fuel the weak sentiment. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The SCI finished modestly higher on Monday as gains from the resource stocks were limited by weakness from the financials and properties.

For the day, the index advanced 29.89 points or 0.86 percent to finish at 3,502.96 after trading between 3,457.21 and 3,511.66. The Shenzhen Composite Index spiked 57.17 points or 2.45 percent to end at 2,386.54.

Among the actives, Industrial and Commercial Bank of China collected 0.40 percent, while Bank of China shed 0.31 percent, China Construction Bank lost 0.48 percent, China Merchants Bank tumbled 1.77 percent, Bank of Communications fell 0.22 percent, China Life Insurance skidded 1.46 percent, Jiangxi Copper skyrocketed 7.17 percent, Aluminum Corp of China (Chalco) surged 4.13 percent, Yanzhou Coal climbed 1.19 percent, Anhui Conch Cement jumped 1.28 percent, PetroChina advanced 0.96 percent, China Shenhua Energy eased 0.11 percent, Gemdale plummeted 4.59 percent, Poly Developments plunged 3.35 percent, China Vanke tanked 3.21 percent and China Petroleum and Chemical (Sinopec) and China Minsheng Bank were unchanged.
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