(RTTNews) - The China stock market returned from its week-long Lunar New Year break by snapping a two-day losing streak in which it had tumbled more than 90 points or 2.8 percent. The Shanghai Composite Index now rests just beneath the 3,430-point plateau although it may be stuck in neutral on Tuesday.
The global forecast for the Asian markets is mixed to lower on sliding oil prices and profit taking among the technology stocks. The European markets were up and the U.S. bourses were mostly lower and the Asian markets figure to follow the latter lead.
The SCI finished sharply higher on Monday with gains across the board as it caught up on missed positive regional sentiment.
For the day, the index spiked 68.14 points or 2.03 percent to finish at 3,429.58 after trading between 3,407.76 and 3,434.03. The Shenzhen Composite Index gained 23.62 points or 1.04 percent to end at 2,285.99.
Among the actives, Industrial and Commercial Bank of China jumped 1.72 percent, while Bank of China collected 1.29 percent, China Construction Bank rallied 2.34 percent, China Merchants Bank soared 4.35 percent, Bank of Communications spiked 2.74 percent, China Minsheng Bank increased 1.03 percent, China Life Insurance accelerated 2.32 percent, Jiangxi Copper perked 2.82 percent, Aluminum Corporation of China advanced 6.84 percent, Yankuang Energy surged 7.88 percent, PetroChina skyrocketed 9.16 percent, China Petroleum & Chemical surged 4.06 percent, China Shenhua Energy strengthened 4.30 percent, Gemdale gained 1.31 percent, Poly Developments added 1.66 percent, China Vanke improved 2.85 percent, China Fortune Land plunged 4.26 percent and Beijing Capital Development rose 0.17 percent.
The lead from Wall Street ends up negative as the markets opened mixed on Monday, saw wild swings on either side of the unchanged line before finally ending mostly lower.
The Dow rose 1.39 points or 0.00 percent to finish at 35,091.13, while the NASDAQ sank 82.34 points or 0.58 percent to close at 14,015.67 and the S&P 500 slipped 16.66 points or 0.37 percent to end at 4,483.87.
Shares of Facebook parent Meta Platforms fell more than 5 percent on reports that a company has threatened to remove the social media platform from the European Union. Microsoft, Merck, Walmart and Salesforce.com also ended notably lower.
Boeing rallied more than 2.5 percent, while Tyson Foods, Chevron, American Express, Walgreens Boots Alliance, Coca-Cola and Caterpillar also closed on a positive note.
Crude oil futures retreated Monday amid signs that nuclear talks between the U.S. and Iran are moving in a positive way, so there could be a removal of U.S. sanctions on Iranian oil sales. West Texas Intermediate Crude oil futures for March ended lower by $0.99 or 1.1 percent at $91.32 a barrel.
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