The China stock market on Thursday ended the three-day losing streak in which it had given up more than 90 points or 2.4 percent. The Shanghai Composite Index now sits just above the 3,525-point plateau and it may tick higher again on Friday.
The global forecast for the Asian markets is mixed, with support from technology stocks and weakness from oil companies. The European and U.S. markets were mixed and the Asian bourses are expected to follow suit.
The STI finished modestly higher on Thursday following mixed performances from the properties, while the financials and resource stocks were mostly soft.
For the day, the index rose 7.28 points or 0.21 percent to finish at 3,525.60 after trading between 3,507.35 and 3,534.20. The Shenzhen Composite Index jumped 26.98 points or 1.16 percent to end at 2,359.40.
Among the actives, Industrial and Commercial Bank of China rose 0.19 percent, while Bank of China shed 0.32 percent, China Merchants Bank dropped 0.86 percent, Bank of Communications eased 0.21 percent, China Life Insurance fell 0.39 percent, Aluminum Corp of China (Chalco) climbed 1.25 percent, Yanzhou Coal slid 0.20 percent, PetroChina retreated 1.51 percent, China Petroleum and Chemical (Sinopec) tumbled 1.75 percent, Baoshan Iron plunged 4.42 percent, Gemdale dipped 0.38 percent, China Fortune Land soared 3.97 percent, Beijing Capital Development declined 1.76 percent, China Vanke was up 0.16 percent and China Construction Bank, Jiangxi Copper and Poly Developments were unchanged.
The lead from Wall Street is wildly inconsistent as the major averages opened slightly higher on Thursday but then went off on their own different directions. The NASDAQ stayed positive, the Dow stayed negative and the S&P 500 hugged the line and finished barely in the red.
The Dow dropped 210.22 points or 0.62 percent to finish at 33,823.45, while the NASDAQ spiked 121.67 points or 0.87 percent to end at 14,161.35 and the S&P 500 eased 1.84 points or 0.04 percent to close at 4,221.86.
The mixed performance on Wall Street came as traders moved out of cyclicals and into tech stocks after Wednesday’s announcement from the Federal Reserve, which saw the central bank move up its timeline for raising interest rates.
In economic news, the Labor Department noted an unexpected uptick in initial jobless claims last week. Also, the Federal Reserve Bank of Philadelphia showed Philadelphia-area manufacturing activity expanded at a slightly slower rate in June.
Crude oil prices tumbled on Thursday, weighed down by a stronger dollar after Federal Reserve officials projected that interest rates might be hiked by 2023. West Texas Intermediate Crude oil futures for July ended down by $1.11 or 1.5 percent at $71.04 a barrel.
Market Analysis
Additional Support Predicted For China Stock Market
2021-06-18 01:00:12
