China Stock Market Poised For Additional Support

(RTTNews) - The China stock market has moved higher in two of three trading days since the end of the three-day slide in which it had dropped almost 130 points or 3.8 percent. The Shanghai Composite Index now sits just above the 3,550-point plateau and it's looking at another green light for Tuesday's trade.

The global forecast for the Asian markets is upbeat on falling treasury yields and vaccine optimism. The European and U.S. markets were firmly higher and the Asian bourses are tipped to follow suit.

The SCI finished sharply higher on Monday following sharp gains from the resource stocks and mixed performances from the financials and properties.

For the day, the index jumped 42.32 points or 1.21 percent to finish at 3,551.40 after trading between 3,511.99 and 3,552.57. The Shenzhen Composite Index spiked 55.48 points or 2.42 percent to end at 2,349.17.

Among the actives, Industrial and Commercial Bank of China shed 0.56 percent, while China Construction Bank collected 0.14 percent, China Merchants Bank skidded 1.39 percent, China Life Insurance fell 0.30 percent, Jiangxi Copper climbed 1.08 percent, Aluminum Corp of China (Chalco) rallied 2.82 percent, Yanzhou Coal skyrocketed 8.40 percent, PetroChina rose 0.23 percent, China Petroleum and Chemical (Sinopec) advanced 1.33 percent, Baoshan Iron surged 6.91 percent, Anhui Conch Cement sank 0.37 percent, Gemdale jumped 1.97 percent, Poly Developments soared 3.47 percent, China Vanke gained 0.76 percent, China Fortune Land plummeted 5.01 percent, Beijing Capital Development eased 0.18 percent and Bank of China and Bank of Communications were unchanged.
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