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China Stock Market May Extend Tuesday's Gains

(RTTNews) - The China stock market on Tuesday snapped the two-day slide in which it had fallen almost 45 points or 1.2 percent. The Shanghai Composite Index now rests just above the 3,600-point plateau and it's looking at a green light again on Wednesday.

The global forecast for the Asian markets is mixed to higher on the back of strong crude oil gains. The European markets were down and the U.S. bourses were up and the Asian markets are tipped to follow the latter lead.

The SCI finished sharply higher on Tuesday following gains from the financials and resource stocks, while the properties were mixed.

For the day, the index spiked 76.84 points or 2.18 percent to finish at the daily high of 3,608.34 after moving as low as 3,517.47. The Shenzhen Composite Index jumped 44.10 points or 1.86 percent to end at 2,419.96.

Among the actives, Industrial and Commercial Bank of China collected 0.60 percent, while Bank of China added 0.32 percent, China Construction Bank gained 0.62 percent, China Merchants Bank spiked 2.64 percent, Bank of Communications rose 0.22 percent, China Life Insurance skyrocketed 8.11 percent, Jiangxi Copper climbed 1.08 percent, Aluminum Corp of China (Chalco) jumped 1.11 percent, Yanzhou Coal was up 0.81 percent, PetroChina perked 2.13 percent, China Petroleum and Chemical (Sinopec) accelerated 2.22 percent, China Shenhua Energy advanced 0.89 percent, Gemdale shed 0.32 percent, Poly Developments improved 0.86 percent and China Vanke fell 0.27 percent.
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