Nasdaq Today – China Stock Market May Tick Higher Again On Thursday
(RTTNews) – The China stock market has finished higher in three straight sessions, advancing almost 110 points or 3.3 percent along the way. The Shanghai Composite Index now rests just above the 3,590-point plateau and it’s got a green light again for Thursday’s trade.
The global forecast for the Asian markets is cautiously optimistic, supported by oil and technology stocks. The European markets were mixed and flat and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.
The SCI finished modestly higher on Wednesday following gains from the financial shares and property stocks, while the resource companies were mixed.
For the day, the index added 12.02 points or 0.34 percent to finish at 3,593.36 after trading between 3,585.37 and 3,603.49. The Shenzhen Composite Index eased 1.38 points or 0.06 percent to end at 2,380.56.
Among the actives, China Construction Bank collected 0.29 percent, while China Merchants Bank jumped 1.65 percent, Bank of Communications added 0.41 percent, China Life Insurance advanced 0.91 percent, Jiangxi Copper gained 0.59 percent, Aluminum Corp of China (Chalco) retreated 1.69 percent, Yanzhou Coal improved 0.84 percent, PetroChina dropped 0.85 percent, China Petroleum and Chemical (Sinopec) rose 0.90 percent, China Shenhua Energy was up 0.35 percent, Gemdale climbed 1.53 percent, Poly Developments spiked 1.86 percent, China Vanke gathered 1.57 percent, China Fortune Land surged 4.25 percent, Beijing Capital Development perked 1.24 percent and Industrial and Commercial Bank of China and Bank of China were unchanged.
The lead from Wall Street offers mild support as the major averages shook off a sluggish start on Wednesday and managed to finish in the green.
The Dow rose 10.59 points or 0.03 percent to finish at 34,323.05, while the NASDAQ climbed 80.82 points or 0.59 percent to close at 13,738.00 and the S&P 500 added 7.86 points or 0.19 percent to end at 4,195.99.
The modest strength on Wall Street reflected continued economic optimism as the country continues to reopen following the coronavirus pandemic as an increasing number of Americans receive a coronavirus vaccine.
But buying interest remained subdued as traders look ahead to Friday’s closely watched inflation reading, which could directly affect the current levels of stimulus.
Crude oil futures settled higher on Wednesday, rising for a fourth straight session as data showed a drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for July ended up $0.14 or 0.2 percent at $66.21 a barrel.
Closer to home, China will provide April figures for industrial profits later today; in March, profits skyrocketed 137 percent on year.
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