China Stock Market Tipped To Open In The Green

(RTTNews) - The China stock market on Tuesday ended the six-day losing streak in which it had plummeted nearly 210 points or 7.7 percent. The Shanghai Composite Index now rests just beneath the 2,790-point plateau and it may see additional support on Wednesday.

The global forecast for the Asian markets suggests mild upside, supported by bargain hunting and crude oil prices. The European and U.S. markets were modestly higher and the Asian markets figure to open in similar fashion.

The SCI finished sharply higher on Tuesday following gains from the financials, properties and resource stocks.

For the day, the index surged 87.30 points or 3.23 percent to finish at 2,789.49 after trading between 2,669.67 and 2,802.93. The Shenzhen Composite Index soared 73.68 points or 5.14 percent to end at 1,506.79.

Among the actives, Industrial and Commercial Bank of China collected 0.57 percent, while Bank of China added 0.45 percent, China Construction Bank rose 0.28 percent, China Merchants Bank jumped 2.02 percent, Bank of Communications gained 0.65 percent, China Life Insurance spiked 3.82 percent, Jiangxi Copper accelerated 3.60 percent, Aluminum Corp of China (Chalco) rallied 2.73 percent, Yankuang Energy tumbled 1.79 percent, PetroChina tanked 2.29 percent, China Petroleum and Chemical (Sinopec) dropped 0.83 percent, China Shenhua Energy skidded 1.02 percent, Gemdale soared 2.67 percent, Poly Developments strengthened 1.72 percent, China Vanke surged 3.59 percent, Haitong Securities skyrocketed 5.61 percent and Huaneng Power was unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened higher but also spent much of the day in the red before a late rally nudged them all back into positive territory.

The Dow climbed 141.24 points or 0.37 percent to finish at 38,521.36, while the NASDAQ rose 11.32 points or 0.07 percent to close at 15,609.00 and the S&P 500 added 11.42 points or 0.23 percent to end at 4,954.23.

The choppy trading on Wall Street came as some traders seemed reluctant to make significant moves amid uncertainty about the near-term outlook for the markets after recent volatility.

While the major averages climbed well off Monday's early lows, fading optimism the Fed will lower interest rates in March continued to hang over the markets.

Fed Chair Jerome Powell has said the central bank is unlikely to cut rates in March and the chances of a rate cut next month have fallen to just 19.5 percent, according to CME Group's FedWatch Tool.

Crude oil prices climbed higher on Tuesday, extending gains from the previous session after the Energy Information Administration's said oil inventories may drop by 0.8 million barrels per day in the current quarter. West Texas Intermediate Crude oil futures for March ended higher by $0.53 or 0.73 percent at $73.31 a barrel.