China Stock Market Due For Support On Tuesday

(RTTNews) - The China stock market has moved lower in three straight sessions, slumping almost 70 points or 2.3 percent in that span. The Shanghai Composite Index now sits just above the 3,160-point plateau although it's expected to open to the upside on Tuesday. The global forecast for the Asian markets is murky, with support from the oil companies likely offset by weakness from the technology shares. The European markets were down and the U.S. bourses were mostly higher and the Asian markets figure to split the difference. The SCI finished slightly lower on Monday following losses from the financials, gains from the properties and mixed performances from the energy and resource stocks. For the day, the index slipped 7.77 points or 0.25 percent to finish at 3,160.75 after trading between 3,140.98 and 3,172.70. The Shenzhen Composite Index rose 1.18 points or 0.06 percent to end at 1,838.46. Among the actives, Industrial and Commercial Bank of China skidded 1.05 percent, while Bank of China tumbled 1.83 percent, China Construction Bank surrendered 1.89 percent, China Merchants Bank collected 0.23 percent, Agricultural Bank of China retreated 1.37 percent, China Life Insurance shed 0.61 percent, Jiangxi Copper jumped 1.91 percent, Aluminum Corp of China (Chalco) rallied 2.06 percent, PetroChina improved 1.37 percent, China Petroleum and Chemical (Sinopec) declined 1.27 percent, Huaneng Power added 0.64 percent, China Shenhua Energy sank 0.74 percent, Gemdale soared 2.36 percent, Poly Developments spiked 1.89 percent, China Vanke climbed 1.05 percent and Yankuang Energy was unchanged.

The lead from Wall Street is mixed to higher as the major averages opened on opposite sides of the unchanged line on Monday and finished in the same manner.

The Dow rallied 359.95 points or 0.86 percent to finish at 42,298.40, while the NASDAQ slumped 74.01 points or 0.39 percent to close at 19,087.62 and the S&P 500 rose 8.27 points or 0.14 percent to end at 5,835.31.

Weakness in the tech sector weighed on Wall Street early in the session, as AI darling and market leader Nvidia (NVDA) plunged by as much as 4.7 percent.

Ongoing concerns about the outlook for interest rates also generated negative sentiment following last Friday's stronger-than-expected monthly jobs report.

Selling pressure waned over the course of the trading session, however, leading some traders to pick up stocks at reduced levels as the S&P 500 rebounded from its lowest intraday level in over two months.

Oil prices rose sharply to a five-month high on Monday amid potential supply risks after the U.S. imposed sweeping sanctions on Russia's oil exports, while a stronger dollar also weighed. West Texas Intermediate Crude oil futures for February closed up $2.25 or nearly 3 percent at $78.82 a barrel.