Little Movement Seen For China Stock Market

(RTTNews) - The China stock market has finished higher in two straight sessions, collecting more than 30 points or 1 percent along the way. The Shanghai Composite Index now rests just above the 3,290-point plateau although it may spin its wheels on Wednesday.

The global forecast for the Asian markets is murky, with little movement expected as support from technology stocks will likely be offset by weakness from oil companies. The European and U.S. markets were mixed and little changed and the Asian bourses are tipped to follow suit.

The SCI finished slightly higher on Tuesday following gains from the energy companies and mixed performances from the financials and properties.

For the day, the index gained 9.12 points or 0.28 percent to finish at 3,293.28 after trading between 3,279.19 and 3,293.73. The Shenzhen Composite Index eased 1.72 points or 0.08 percent to end at 2,188.81.

Among the actives, Industrial and Commercial Bank of China rose 0.23 percent, while Bank of China shed 0.31 percent, China Construction Bank perked 0.18 percent, China Merchants Bank collected 0.74 percent, Bank of Communications dipped 0.20 percent, China Life Insurance jumped 1.82 percent, Jiangxi Copper spiked 2.58 percent, Aluminum Corp of China (Chalco) rallied 2.26 percent, Yankuang Energy tumbled 1.70 percent, PetroChina perked 0.39 percent, China Petroleum and Chemical (Sinopec) added 0.45 percent, Huaneng Power surged 3.46 percent, China Shenhua Energy increase 0.33 percent, Gemdale strengthened 1.42 percent, Poly Developments improved 0.19 percent, China Vanke gathered 0.28 percent, China Fortune Land sank 0.37 percent and Beijing Capital Development dropped 0.92 percent.

The lead from Wall Street provides little clarity as the major averages went on a volatile ride Tuesday that saw them finish on opposite sides of the unchanged line.

The Dow slumped 162.12 points or 0.47 percent to finish at 34,083, while the NASDAQ advanced 70.99 points or 0.60 percent to close at 11,962.78 and the S&P 500 dipped 0.96 points or 0.02 percent to end at 4,136.33.

The volatility on Wall Street followed the release of closely watched U.S. inflation data, which could have a significant effect on the Federal Reserve's strategy regarding interest rate hikes.

The Labor Department's report showed that U.S. consumer prices increased in line with estimates in January, probably dashing hopes that the Federal Reserve might further ease the pace of its interest rate hikes.

Crude oil prices slumped on Tuesday afternoon, dropping after the release of the U.S. inflation data before coming up off daily lows. West Texas Intermediate was down $1.01 or 1.26 percent to $79.13 per barrel, coming off a low of $77.46 earlier in the day.