(RTTNews) – The China stock market has moved higher in two straight sessions, advancing more than 30 points or 0.9 percent along the way. The Shanghai Composite Index now sits just beneath the 3,560-point plateau and it’s expected to add to its winnings on Wednesday.
The global forecast for the Asian markets is positive on easing concerns over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.
The SCI finished modestly higher on Tuesday following gains from the financial shares and mixed performances from the resource and property stocks.
For the day, the index advanced 28.23 points or 0.80 percent to finish at 3,557.41 after trading between 3,536.81 and 3,560.19. The Shenzhen Composite Index gained 12.22 points or 0.51 percent to end at 2,408.41.
Among the actives, Industrial and Commercial Bank of China rose 0.19 percent, while China Construction Bank collected 0.30 percent, China Merchants Bank soared 3.30 percent, Bank of Communications added 0.41 percent, China Life Insurance gained 0.53 percent, Jiangxi Copper rallied 2.54 percent, Aluminum Corp of China (Chalco) advanced 0.83 percent, Yanzhou Coal dropped 0.96 percent, PetroChina surged 5.28 percent, China Petroleum and Chemical (Sinopec) spiked 3.26 percent, Baoshan Iron was up 0.28 percent, Gemdale gathered 0.20 percent, Poly Developments tumbled 1.76 percent, China Vanke increased 0.12 percent and Bank of China and China Minsheng Bank were unchanged.
The lead from Wall Street is upbeat as stocks opened slightly lower on Tuesday but quickly turned positive and picked up steam as the day progressed.
The Dow added 68.61 points or 0.20 percent to finish at 33,945.58, while the NASDAQ jumped 111.79 points or 0.79 percent to end at 14,253.27 and the S&P 500 gained 21.65 points or 0.51 percent to close at 4,246.44.
The strength that emerged on Wall Street was partly attributed to a significant rebound by the value of bitcoin – which turned higher over the course of the trading day after the cryptocurrency tumbled below $30,000 earlier in the day.
The higher close by stocks also came as Federal Reserve Chair Jerome Powell continued to downplay the risks of inflation during testimony before the House Select Subcommittee on the Coronavirus Crisis.
In economic news. the National Association of Realtors released a report showing existing home sales extended a recent pullback in May but fell by less than economists had expected.
Crude oil futures settled lower on Tuesday, weighed down by speculation that OPEC and its allies will agree to increase crude production. West Texas Intermediate Crude oil futures for July ended down $0.60 or 0.8 percent at $73.06 a barrel on the expiration day. WTI Crude oil futures for August, the new front-month contract, fell $0.27 or 0.4 percent at $72.85 a barrel.