The China stock market has moved higher in three straight sessions, jumping more than 90 points or 3.3 percent along the way. The Shanghai Composite Index now rests just above the 2,825-point plateau and it may add to its winnings again on Wednesday.
The global forecast for the Asian is firm on optimism ahead of earnings season and a bump in crude oil prices. The European and U.S. markets were up and the Asian markets should follow suit.
The SCI finished modestly higher on Tuesday as gains from the properties and oil companies were offset by weakness from the financial sector.
For the day, the index picked up 12.52 points or 0.44 percent to finish at 2,827.63 after trading between 2,800.62 and 2,828.49. The Shenzhen Composite Index advanced 11.24 points or 0.71 percent to end at 1,585.78.
Among the actives, Bank of China shed 0.53 percent, while Industrial and Commercial Bank of China eased 0.18 percent, China Merchants Bank lost 0.56 percent, China Life fell 0.48 percent, China Minsheng Bank declined 0.68 percent, China Construction Bank slid 0.59 percent, China Shenhua Energy skidded 1.67 percent, Baoshan Iron climbed 1.60 percent, China Petroleum and Chemical (Sinopec) jumped 1.56 percent, PetroChina spiked 1.97 percent, China Vanke gained 0.58 percent, Gemdale advanced 0.73 percent and Poly Real Estate perked 1.26 percent.
The lead from Wall Street is upbeat as stocks saw further upside on Tuesday as the S&P 500 reached its best closing level in five months.
The Dow jumped 143.07 points or 0.58 percent to 24,919.66, while the NASDAQ added 3.00 points or 0.04 percent to 7,759.20 and the S&P 500 rose 9.67 points or 0.35 percent to 2,793.84.
The continued strength came as optimism about the upcoming earnings season overshadowed recent trade concerns.
Beverage giant PepsiCo (PEP) released its second quarter results with earnings that beat the street. Financial giants Citigroup (C), JPMorgan Chase (JPM) and Wells Fargo (WFC) are due to report results on Friday.
Oil service stocks showed a strong move to the upside, driving the Philadelphia Oil Service Index up by 1.1 percent. Th at support came amid an increase in the price of crude oil for August delivery, which rose $0.26 to $74.11 a barrel.
by P2PNews Staff Writer