China Stock Market May Spin Its Wheels On Tuesday

RTTNews | 7 days ago

(RTTNews) - The China stock market on Monday ended the two-day slide in which it had dropped more than 60 points or 1.5 percent. The Shanghai Composite Index now sits just above the 3,975-point plateau and it's likely to be rangebound on Tuesday.

The global forecast for the Asian markets is murky, with technology stocks expected to provide a slight bump. The European and U.S. markets were mixed and little changed and the Asian bourses figure to follow suit.

The SCI finished modestly higher on Monday following gains from the financial shares, property stocks and oil companies.

For the day, the index gained 21.73 points or 0.55 percent to finish at 3,976.52 after trading between 3,937.02 and 3,977.31. The Shenzhen Composite Index added 11.04 points or 0.44 percent to end at 2,520.62.

Among the actives, Industrial and Commercial Bank of China improve 1.54 percent, while Agricultural Bank of China collected 0.63 percent, China Merchants Bank accelerated 2.20 percent, Bank of Communications expanded 1.25 percent, China Life Insurance tanked 2.02 percent, Jiangxi Copper stumbled 2.87 percent, Aluminum Corp of China (Chalco) vaulted 1.80 percent, Yankuang Energy spiked 3.53 percent, PetroChina soared 4.48 percent, China Petroleum and Chemical (Sinopec) jumped 1.83 percent, Huaneng Power gained 0.49 percent, China Shenhua Energy rallied 2.14 percent, Gemdale rose 0.26 percent, Poly Developments shed 0.41 percent and China Vanke added 0.48 percent.

The Dow dropped 226.19 points or 0.48 percent to finish at 47,336.68, while the NASDAQ climbed 109.77 points or 0.46 percent to close at 23,834.72 and the S&P 500 rose 11.77 points or 0.17 percent to end at 6,851.97.

The gain by the tech-heavy NASDAQ reflected a sharp increase by shares of Amazon (AMZN) after it announced a $38 billion agreement with OpenAI. Market leader Nvidia (NVDA) also rallied after software giant Microsoft (MSFT) revealed it has secured export licenses to ship Nvidia chips to the United Arab Emirates.

On the other hand, shares of Merck (MRK) weighed on the Dow, as did Nike (NKE), 3M (MMM) and Chevron (CVX).

In U.S. economic news, the Institute for Supply Management said manufacturing activity unexpectedly contracted at a slightly faster rate in October.

Crude oil prices edged slightly higher on Monday after OPEC agreed to halt production hikes for the first quarter of 2026. West Texas Intermediate crude for December delivery was up $0.07 or 0.11 percent at $61.05 per barrel.

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