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Win Streak May Continue For China Stock Market

The China stock market has finished higher in six straight sessions, climbing more than 155 points or 5.4 percent along the way. The Shanghai Composite Index now rests just above the 2,900-point plateau and it's looking at another green light for Wednesday's trade.

The global forecast for the Asian markets suggests mild upside, thanks to a rebound in crude oil prices. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.

The SCI finished modestly higher on Tuesday following gains from the financial shares, properties and oil and insurance companies.

For the day, the index added 11.19 points or 0.39 percent to finish at 2,901.67 after trading between 2,882.24 and 2,913.82. The Shenzhen Composite Index rose 0.76 points or 0.04 percent to end at 1,757.26.

Among the actives, Industrial and Commercial Bank of China collected 0.74 percent, while Bank of China added 0.86 percent, China Construction Bank climbed 1.06 percent, China Merchants Bank jumped 1.34 percent, China Life Insurance gained 0.69 percent, Ping An Insurance advanced 1.03 percent, PetroChina was up 0.38 percent, China Petroleum and Chemical (Sinopec) rose 0.21 percent, Baoshan Iron gathered 0.76 percent, Gemdale was up 0.16 percent, Poly Developments increased 0.94 percent and China Vanke accelerated 1.43 percent.

The lead from Wall Street is cautiously optimistic as stocks opened higher on Tuesday but faded as the day progressed, finally ending mixed but little changed.

The Dow eased 0.48 points or 0.01 percent to 29,276.34, while the NASDAQ added 10.55 points or 0.11 percent to 9,638.94 and the S&P 500 rose 5.66 points or 0.17 percent to 3,357.75.

The early upward move on Wall Street came as traders continued to shrug off concerns about the economic impact of the deadly coronavirus outbreak.

Federal Reserve Chairman Jerome Powell said during testimony before the House Financial Services Committee that the central bank is closely monitoring the coronavirus outbreak but also highlighted the resilience of the U.S. economy.

Crude oil prices edged higher Tuesday, rebounding from recent losses on reports the number of new cases coronavirus cases is slowing down. West Texas Intermediate crude oil futures for March ended up $0.37 or 0.8 percent at $49.94 a barrel.

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