Markets

China Stock Market May Add To Its Winnings

(RTTNews) - The China stock market has finished higher in two straight sessions, collecting more than 20 points or 0.6 percent along the way. The Shanghai Composite Index now sits just above the 3,385-point plateau and it's predicted to open higher again on Tuesday.

The global forecast for the Asian markets is upbeat on rising oil prices and continued optimism for a coronavirus treatment. The European and U.S. markets were up and now the Asian bourses figure to open in similar fashion.

The SCI finished slightly higher on Monday as gains from the energy producers were capped by weakness from the financial shares and property stocks.

For the day, the index rose 4.96 points or 0.15 percent to finish at 3,385.64 after trading between 3,368.03 and 3,396.57. The Shenzhen Composite Index jumped 28.29 points or 1.26 percent to end at 2,278.25.

Among the actives, Industrial and Commercial Bank of China shed 0.40 percent, while Bank of China lost 0.30 percent, China Merchants Bank sank 0.71 percent, Bank of Communications slid 0.21 percent, China Minsheng Bank gave away 0.36 percent, China Life Insurance tumbled 2.42 percent, Ping An Insurance was down 0.58 percent, China Petroleum and Chemical (Sinopec) added 0.25 percent, China Shenhua Energy advanced 0.70 percent, Gemdale skidded 1.06 percent, Poly Developments fell 0.48 percent, China Vanke dropped 0.84 percent and China Construction Bank and PetroChina were unchanged.

The lead from Wall Street is broadly positive as stocks opened higher on Monday and remained firmly in the green throughout the session, sending the NASDAQ and the S&P 500 to fresh record closing highs.

The Dow jumped 378.13 points or 1.35 percent to finish at 28,308.46, while the NASDAQ advanced 67.92 points or 0.60 percent to end at 11,379.72 and the S&P 500 advanced 34.12 points or 1.00 percent to close at 3,431.28.

The strength on Wall Street came following upbeat news on the coronavirus front after the Food and Drug issued an emergency authorization for investigational convalescent plasma for the treatment of COVID-19 in hospitalized patients.

Adding to the positive sentiment, a report from the Financial Times said the Trump administration is considering fast-tracking an experimental coronavirus vaccine from the U.K. for use in America ahead of the presidential election.

Oil prices jumped on Monday as the threat of hurricanes in the Caribbean and the Gulf of Mexico brought oil production to a halt. West Texas Intermediate (WTI) crude futures were up 31 cents or 0.72 percent at $42.58 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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