Rally May Stall For China Stock Market – Markets Insider

(RTTNews) – The China stock market has tracked higher in back-to-back sessions, advancing almost 20 points or 0.6 percent along the way. The Shanghai Composite Index now rests just beneath the 3,380-point plateau, although it may spin its wheels on Tuesday.

The global forecast for the Asian markets calls for mild consolidation thanks to geopolitical concerns, although gold and oil prices offered support. The European markets were down and the U.S. bourses were on holiday, and the Asian markets are eying a soft start on Tuesday.

The SCI finished modestly higher on Monday following gains from the financials and mixed performances from the properties and oil companies.

For the day, the index collected 12.46 points or 0.37 percent to finish at 3,379.58 after trading between 3,359.13 and 3,381.40. The Shenzhen Composite Index, which tracks stocks on China’s second exchange, gathered 11.77 points or 0.60 percent to end at 1,968.12.

Among the actives, Industrial and Commercial Bank of China jumped 1.55 percent, while Bank of China added 0.24 percent, Agricultural Bank of China collected 1.35 percent, Vanke picked up 0.35 percent, Gemdale tumbled 1.20 percent, PetroChina gained 0.12 percent, China Petroleum and Chemical shed 0.67 percent and China Life advanced 0.28 percent.

There is no lead from Wall Street, which was shuttered Monday for the Labor Day holiday, while the European markets finished in the red.

Germany’s DAX was down 40.43 points or 0.33 percent to 12,102.21, while London’s FTSE lost 27.03 points or 0.36 percent to 7,411.47 and the CAC 40 in France fell 19.29 points or 0.38 percent to 5,103.97.

Gold miners were on the rise as gold prices hit a 10-month high after the North Korean nuclear test and amid economic policy uncertainty in the United States. Mining stocks also traded higher as copper jumped more than 1 percent to its highest level in three years.

Crude oil prices were higher on Monday while gasoline prices fell as oil refineries and pipelines in the U.S. Gulf Coast resumed activity, easing supply concerns. U.S. West Texas Intermediate crude futures gained 8 cents to $47.37 per barrel.

In economic releases, Eurozone investor morale improved unexpectedly in September, the Sentix research group noted. Also, HIS Markit said that U.K. construction activity growth eased to a one year low in August.

Closer to home, China will see August results for the services and composite indexes from Caixin later this morning; in July, their scores were 51.5 and 51.9, respectively.

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