China Stock Market May Extend Monday's Gains

(RTTNews) - The China stock market on Monday ended 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 above the 3,370-point plateau and it may add to its winnings on Tuesday.

The global forecast for the Asian markets is upbeat, with support expected from the technology stocks and oil companies. The European markets were slightly lower and the U.S. bourses were sharply higher and the Asian markets figure to follow the latter lead.

The SCI finished slightly higher on Monday as gains from the financials and resource stocks were capped by weakness from the property sector.

For the day, the index rose 5.20 points or 0.15 percent to finish at 3,370.03 after trading between 3,340.24 and 3,373.69. The Shenzhen Composite Index sank 13.70 points or 0.66 percent to end at 2,049.81.

Among the actives, Industrial and Commercial Bank of China improved 0.89 percent, while Bank of China collected 0.75 percent, China Construction Bank climbed 1.06 percent, China Merchants Bank gained 0.78 percent, Agricultural Bank of China advanced 0.98 percent, China Life Insurance added 0.69 percent, Jiangxi Copper surged 5.90 percent, Aluminum Corp of China (Chalco) spiked 3.30 percent, Yankuang Energy increased 0.44 percent, PetroChina rose 0.38 percent, China Petroleum and Chemical (Sinopec) slumped 1.38 percent, Huaneng Power dipped 0.14 percent, China Shenhua Energy strengthened 1.37 percent, Gemdale stumbled 2.99 percent, Poly Developments sank 0.82 percent and China Vanke plunged 2.45 percent.

The lead from Wall Street is broadly positive as the major averages opened higher on Monday and remained in the green throughout the day, ending near session highs.

The Dow jumped 597.97 points or 1.42 percent to finish at 42,583.32, while the NASDAQ rallied 404.54 points or 2.27 percent to close at 18,188.59 and the S&P 500 gained 100.01 points or 1.76 percent to end at 5,767.57.

The support on Wall Street came on reports that President Donald Trump may hold back some of the reciprocal tariffs set to take effect on April 2.

Semiconductor and networking stocks had a very good outing. Shares from steel, banking, retail and airline sectors too closed mostly higher.

Oil prices climbed higher on Monday after Trump announced a 25 percent secondary tariff on countries purchasing oil or gas from Venezuela. West Texas Intermediate Crude oil futures for May settled higher by $0.83 or 1.22 percent at $69.11 a barrel.