Higher Open Anticipated For China Stock Market

(RTTNews) - The China stock market on Tuesday ended the four-day losing streak in which it had tumbled more than 140 points or 4.9 percent. The Shanghai Composite Index now rests just above the 2,960-point plateau and it's likely to open in the green again on Wednesday.

The global forecast for the Asian markets is positive on bargain hunting and earnings news. The European and U.S. markets were up and the Asian markets are expected to follow that lead.

The SCI finished modestly higher on Tuesday following gains from the oil companies and properties, while the financials were soft.

For the day, the index advanced 22.95 points or 0.78 percent to finish at 2,962.24 after trading between 2,929.09 and 2,964.76. The Shenzhen Composite Index climbed 24.18 points or 1.36 percent to end at 1,800.90.

Among the actives, Industrial and Commercial Bank of China retreated 1.24 percent, while Bank of China tanked 2.04 percent, China Construction Bank declined 1.23 percent, China Merchants Bank collected 0.22 percent, Bank of Communications slumped 1.43 percent, China Life Insurance stumbled 1.55 percent, Jiangxi Copper climbed 1.03 percent, Aluminum Corp of China (Chalco) advanced 0.88 percent, Yankuang Energy rallied 1.38 percent, PetroChina soared 2.51 percent, China Petroleum and Chemical (Sinopec) added 0.54 percent, Huaneng Power dropped 1.23 percent, China Shenhua Energy skidded 1.10 percent, Gemdale surged 2.80 percent, Poly Developments rose 0.35 percent and China Vanke was up 0.34 percent.

The lead from Wall Street is upbeat as the major averages opened higher on Tuesday and remained in the green throughout the session.

The Dow jumped 204.97 points or 0.62 percent to finish at 33,141.38, while the NASDAQ gained 121.55 points or 0.93 percent to end at 13,139.88 and the S&P 500 added 30.64 points or 0.73 percent to close at 4,247.68.

The strength on Wall Street reflected a positive reaction to the latest batch of earnings news, as a number of big-name companies reported better than expected quarterly results, including General Electric (GE), 3M Co. (MMM) and Coca-Cola (KO).

Crude oil prices fell sharply Tuesday, extending losses to a third straight session amid concerns about the outlook for energy demand, while the dollar's rally also weighed. West Texas Intermediate Crude oil futures for December sank $1.75 or 2.1 percent at $83.74 a barrel.