China Stock Market May Spin Its Wheels On Wednesday

The China stock market has climbed higher in three straight sessions, surging more than 140 points or 4.4 percent along the way. The Shanghai Composite Index now sits just beneath the 3,360-point plateau although the rally may stall on Wednesday.

The global forecast for the Asian markets is soft on profit taking and on concerns for a COVID-19 vaccine. The European and U.S. markets were down and the Asian bourses figure to follow suit.

The SCI finished slightly higher on Tuesday following gains from the insurance companies, weakness from the properties and oil companies and a mixed picture from the financials.

For the day, the index rose 1.28 points or 0.04 percent to finish at 3,359.75 after trading between 3,334.50 and 3,361.83. The Shenzhen Composite Index gained 14.83 points or 0.65 percent to end at 2,304.19.

Among the actives, Industrial and Commercial Bank of China dropped 0.81 percent, while Bank of China shed 0.62 percent, China Construction Bank sank 0.96 percent, China Merchants Bank collected 0.61 percent, Bank of Communications lost 0.43 percent, China Life Insurance rose 0.30 percent, Ping An Insurance gained 0.64 percent, PetroChina slid 0.72 percent, China Petroleum and Chemical (Sinopec) was down 0.51 percent, China Shenhua Energy added 0.30 percent, Gemdale plummeted 2.34 percent, Poly Developments tumbled 1.34 percent and China Vanke skidded 1.13 percent.

The lead from Wall Street is negative as stocks opened lower and largely remained that way, finishing in the red after three straight sessions of gains.

The Dow sank 157.71 points or 0.55 percent to finish at 28,679.81, while the NASDAQ slid 12.36 points or 0.10 percent to end at 11,863.90 and the S&P 500 fell 22.29 points or 0.63 percent to close at 3,511.93.

The pullback on Wall Street may partly have reflected profit taking after the major averages climbed

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