China Shares Due For Support On Tuesday

(RTTNews) - The China stock market has finished lower in three straight sessions, shedding more than 125 points or 3 percent in that span. The Shanghai Composite Index now sit just beneath the 3,960-point plateau although it's looking at a steady start on Tuesday. The global forecast for the Asian markets is cautiously optimistic on bargain hunting, with support expected especially among the technology and oil sectors. The European markets were soft and the U.S. bourse were mostly higher and the Asian markets figure to follow the latter lead. The SCI finished sharply lower on Monday following losses from the property and resource sectors, while the financials offered support. For the day, the index slumped 68.40 points or 1.70 percent to finish at 3,959.34 after trading between 3,927.85 and 4,007.49. The Shenzhen Composite Index plunged 86.71 points or 3.14 percent to end at 2,677.21. Among the actives, Industrial and Commercial Bank of China vaulted 2.18 percent, while Bank of China jumped 1.49 percent, Agricultural Bank of China spiked 3.30 percent, China Merchants Bank dipped 0.21 percent, Bank of Communications rose 0.44 percent, China Life Insurance collected 0.55 percent, Jiangxi Copper crashed 7.87 percent, Aluminum Corp of China (Chalco) plunged 6.18 percent, Yankuang Energy added 0.60 percent, PetroChina jumped 3.20 percent, China Petroleum and Chemical (Sinopec) perked 0.20 percent, Huaneng Power rose 0.24 percent, China Shenhua Energy rallied 4.62 percent, Gemdale tanked 3.42 percent, Poly Developments retreated 1.68 percent and China Vanke tumbled 3.38 percent.

The lead from Wall Street suggests mild upside as the major averages opened higher on Monday but faded as the day progressed, with the Dow slipping into the red.

The Dow shed 80.77 points or 0.16 percent to finish at 50,786.01, while the NASDAQ jumped 220.23 points or 0.86 percent to close at 25,929.66 and the S&P 500 added 21.99 points or 0.30 percent to end at 7,405.73.

The rebound on Wall Street comes amid bargain hunting following last Friday's plunge, which dragged the tech-heavy NASDAQ down to its lowest closing level in a month.

The upside may be limited by growing concerns about the outlook for interest rates, as last week's robust U.S. jobs report led traders to ramp up bets on a Federal Reserve rate hike this year.

Crude oil prices edged higher on Monday as delays in the reopening the Strait of Hormuz persists. West Texas Intermediate crude for July delivery was up $0.52 or 0.57 percent at $91.06 per barrel.