The China stock market has climbed higher in consecutive trading days, collecting more than 50 points or 1.6 percent along the way. The Shanghai Composite Index now rests just above the 3,320-point plateau and it's called higher again on Tuesday.
The global forecast for the Asian markets remains upbeat as a rate hike Wednesday from the FOMC has already largely been priced in. A jump in crude oil prices adds to the positive sentiment. The European and U.S. markets were up and the Asian bourses figure to follow suit.
The SCI finished sharply higher on Monday following gains from the insurance companies and resource stocks.
For the day, the index advanced 32.20 points or 0.98 percent to finish at 3,322.20 after trading between 3,288.29 and 3,322.67. The Shenzhen Composite Index jumped 1.5 percent to end at 1,919.69.
Among the actives, China Life climbed 1.10 percent, while Ping An spiked 2.46 percent, Bank of China added 0.26 percent, Agricultural Bank of China shed 0.27 percent, Industrial and Commercial Bank of China collected 0.17 percent, China Petroleum and Chemical (Sinopec) eased 0.17 percent, PetroChina and Vanke both gained 0.37 percent, Gemdale tumbled 1.15 percent and Zijin Mining picked up 0.26 percent.
The lead from Wall Street is firm as stocks moved mostly higher on Monday, allowing the Dow and the S&P 500 to hit fresh record closing highs.
The Dow rose 56.87 points or 0.23 percent to 24,386.03, while the NASDAQ advanced 35.00 points or 0.51 percent to 6,875.08 and the S&P 500 climbed 8.49 points or 0.32 percent to 2,659.99.
Traders were reluctant to make significant moves ahead of the Federal Reserve's monetary policy announcement on Wednesday.
With the Fed widely expected to raise interest rates by a quarter-point, traders are likely to keep a close eye on the accompanying statement as well as outgoing Fed Chair Janet Yellen's press conference for clues about the outlook for future rate hikes.
Crude oil prices rose Monday to their highest levels in a week. January WTI oil gained 63 cents or 1.1 percent to $57.99/bbl, moving back toward recent two-year highs near $60.
by RTT Staff Writer
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