China Shares Due For Support On Tuesday

(RTTNews) - The China stock market has finished lower in back-to-back sessions, slipping more than 40 points or 1 percent in that span. The Shanghai Composite Index now sit just beneath the 4,060-point plateau although it may stop the bleeding on Tuesday.

The global forecast for the Asian markets suggests mild upside on support from the technology shares. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The SCI finished modestly lower on Monday following losses from the resource stocks, gains from the energy and financial companies and a mixed performance from the property sector.

For the day, the index shed 10.83 points or 0.27 percent to finish at 4,057.74 after trading between 4,045.69 and 4,093.04. The Shenzhen Composite Index sank 21.80 points or 0.78 percent to end at 2,783.83.

Among the actives, Industrial and Commercial Bank of China climbed 1.11 percent, while Bank of China gained 1.19 percent, Agricultural Bank of China rallied 2.69 percent, China Merchants Bank collected 0.50 percent, Bank of Communications jumped 1.95 percent, China Life Insurance sank 0.74 percent, Jiangxi Copper dropped 0.78 percent, Aluminum Corp of China (Chalco) skidded 1.14 percent, Yankuang Energy and Huaneng Power both skyrocketed by the 10 percent daily limit, PetroChina shed 0.46 percent, China Petroleum and Chemical (Sinopec) added 0.41 percent, China Shenhua Energy soared 4.43 percent, Gemdale advanced 1.09 percent, Poly Developments lost 0.52 percent and China Vanke tumbled 2.25 percent.

The lead from Wall Street is positive as the major averages opened under water on Monday but quickly started to trend higher, finally ending at fresh record closing highs.

The Dow added 46.42 points or 0.09 percent to finish at 51,078.88. while the NASDAQ climbed 114.19 points or 0.42 percent to end at 27,086.81 and the S&P 500 rose 19.90 points or 0.26 percent to close at 7,599.96.

The higher close on Wall Street partly reflected strength among tech stocks after Nvidia (NVDA) unveiled a new superchip RTX Spark in collaboration with Microsoft (MSFT) that the company said reinvents Windows PCs for the era of personal AI agents.

Buying interest was somewhat subdued, however, as the price of crude oil surged in reaction to the latest developments regarding the conflict in the Middle East.

Crude oil prices skyrocketed Monday on reports the U.S. and Iran exchanging attacks while the U.S. is yet to endorse a negotiated settlement to end the war. West Texas Intermediate crude for July delivery was up $4.64 or 5.31 percent at $92.00 per barrel.

However, crude oil prices pulled back off their highs after President Donald Trump said talks with Iran are continuing at a "rapid pace," while positive communications with Israeli Prime Minister Benjamin Netanyahu and Hezbollah also spurred hopes for an end to the war.