China Bourse May Erase Tuesday's Losses

(RTTNews) - The China stock market turned lower again on Tuesday, one day after ending the three-day losing streak in which it had slumped more than 60 points or 1.7 percent. The Shanghai Composite Index now sits just beneath the 3,370-point plateau although it's likely to see renewed support on Wednesday.

The global forecast for the Asian markets suggests mild upside, supported by oil companies and technology stocks. The European and U.S. markets finished higher and the Asian bourses are expected to open in similar fashion.

The SCI finished barely lower on Tuesday as losses from the broader market were mitigated by support from the financials, properties and resource stocks.

For the day, the index eased 0.05 points or 0.00 percent to finish at 3,369.98 after trading between 3,361.05 and 3,379.99. The Shenzhen Composite Index shed 11.64 points or 0.57 percent to end at 2,038.17.

Among the actives, Industrial and Commercial Bank of China rose 0.44 percent., while Bank of China strengthened 1.48 percent, China Construction Bank advanced 0.82 percent, China Merchants Bank gathered 0.09 percent, Agricultural Bank of China collected 0.58 percent, China Life Insurance was up 0.13 percent, Jiangxi Copper soared 2.96 percent, Aluminum Corp of China (Chalco) gained 0.51 percent, Yankuang Energy spiked 2.34 percent, PetroChina climbed 1.13 percent, China Petroleum and Chemical (Sinopec) increased 0.70 percent, Huaneng Power rallied 1.73 percent, China Shenhua Energy jumped 1.70 percent, Gemdale added 0.44 percent, Poly Developments improved 0.71 percent and China Vanke perked 0.14 percent.

The lead from Wall Street is cautiously optimistic as the major averages hugged both sides of the line on Tuesday before a late push bumped them into the green at the close.

The Dow added 4.18 points or 0.01 percent to finish at 42,587.50, while the NASDAQ climbed 83.26 points or 0.46 percent to close at 18,271.86 and the S&P 500 rose 9.08 points or 0.16 percent to end at 5,776.65.

The choppy trading on Wall Street came amid ongoing uncertainty about President Donald Trump's tariff plans following recent reports he plans to take a more narrow approach to new tariffs.

Trump has recently made many conflicting remarks about his tariff plans, leading to considerable uncertainty on Wall Street.

Meanwhile, traders largely shrugged off a report from the Conference Board showing consumer confidence in the U.S. deteriorated by more than expected in the month of March.

Oil prices dipped on Tuesday on reports Russia and Ukraine have agreed to a partial ceasefire covering the Black Sea. West Texas Intermediate Crude oil futures for May closed lower by $0.11 at $69.00 a barrel.