China Shares Called Rangebound On Tuesday
BEIJING (dpa-AFX) - The China stock market bounced higher again on Monday, one session after it had halted the four-day winning streak in which it had gathered more than 55 points or 1.6 percent. The Shanghai Composite Index now rests just above the 3,250-point plateau, and the market is expected to see little movement on Tuesday.
The global forecast for the Asian markets is murky amidst a lack of catalysts, with weakness from crude oil prices limiting any upside. The European and U.S. markets were mixed and flat and the Asian bourses figure to follow suit.
The SCI finished modestly higher on Monday as gains from the oil companies were capped by weakness from the property stocks and a mixed performance from the financial shares.
For the day, the index collected 13.36 points or 0.41 percent to finish at 3,250.81 after trading between 3,228.12 and 3,251.13. The Shenzhen Composite Index added 6.32 points or 0.31 percent to end at 2,036.05.
Among the actives, Agricultural Bank of China shed 0.31 percent, while Bank of China collected 0.55 percent, Industrial and Commercial Bank of China added 0.43 percent, Vanke tumbled 1.90 percent, Gemdale plunged 2.22 percent, PetroChina climbed 1.01 percent and China Petroleum and Chemical (Sinopec) spiked 2.16 percent.
The lead from Wall Street provides little clarity as stocks showed a lack of direction on Monday, bouncing back and forth across the unchanged line before ending mixed.
The NASDAQ added 0.53 points or 0.1 percent to 5,901.53, while the Dow shed 8.76 points or 0.1 percent to 20,905.86 and the S&P dipped 4.78 points or 0.2 percent to 2,373.47.
The choppy trading came on a quiet day on the U.S. economic front. The economic calendar remains relatively light throughout the week, although speeches by a number of Federal Reserve officials may also attract attention.
Traders shrugged off disappointment with the G20 meeting, where finance ministers failed to agree on a commitment to keep global trade free and open in response to President Donald Trump's protectionist policies.
Crude oil futures edged lower Monday amid reports that OPEC may extend its supply quota experiment beyond this year. WTI crude oil was down 56 cents or 1.2 percent to $48.22/bbl.
Copyright RTT News/dpa-AFX