Additional Support Tipped For China Stock Market

BEIJING (dpa-AFX) - The China stock market on Monday ended the two-day slide in which it had fallen almost 30 points or 1 percent. The Shanghai Composite Index settled just beneath the 2,995-point plateau, and the market draws another upbeat lead for Tuesday.

The global forecast for the Asian markets suggests mild upside as hopes for further monetary stimulus figure to be capped by a slide in the price of crude oil. The European and U.S. markets ended higher and the Asian bourses are expected to open in similar fashion.

The SCI finished slightly higher on Monday as gains from the goal miners were tempered by weakness from the financials.

For the day, the index gathered 6.82 points or 0.23 percent to finish at 2,994.92 after trading between 2,990.91 and 3,022.94.

Among the actives, Zhonin Gold and Zijin Mining both surged by the 10 percent daily limit.

The lead from Wall Street is positive as stocks moved higher on Monday, although they finished well off the daily highs.

The S&P 500 added 7.26 points or 0.34 percent to finish at 2,137.16, while the Dow climbed 80.19 points or 0.44 percent and the NASDAQ advanced 31.88 points or 0.64 percent to 4,988.64.

Investors are speculating that the Bank of England will cut interest rates to a new historic low when it reviews its monetary policy on Thursday.

Britain is set to have a new female Prime Minister as Home Secretary Theresa May is the only contender left in the Tory Leadership race.

But the energy stocks weighed after crude oil tumbled below $45 on oversupply concerns. August WTI crude fell 65 cents, or 1.4 percent, to settle at $44.76 a barrel on the New York Mercantile Exchange.

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