The China stock market has finished higher in three straight sessions, climbing more than 35 points or 1 percent along the way. The Shanghai Composite Index now rests just above the 3,640-point plateau and it’s looking at a green light again for Friday’s trade.
The global forecast for the Asian markets is upbeat, rising strong support from crude oil prices. The European markets were mixed and the U.S. bourses were firmly higher and the Asian markets are also tipped to open in the green.
The SCI finished modestly higher on Thursday following gains from the financials, weakness from the resource stocks and a mixed picture from the property sector.
For the day, the index perked 13.73 points or 0.38 percent to finish at 3,642.22 after trading between 3,632.28 and 3,670.95. The Shenzhen Composite Index rose 11.30 points or 0.46 percent to end at 2,451.36.
Among the actives, Industrial and Commercial Bank of China collected 0.65 percent, while Bank of China added 0.66 percent, China Construction Bank gained 0.67 percent, China Merchants Bank skidded 1.15 percent, Bank of Communications climbed 1.12 percent, China Life Insurance improved 1.11 percent, Jiangxi Copper dropped 0.96 percent, Aluminum Corp of China (Chalco) plunged 4.49 percent, Yanzhou Coal plummeted 6.43 percent, PetroChina tumbled 1.96 percent, China Petroleum and Chemical (Sinopec) retreated 1.28 percent, China Shenhua Energy declined 1.47 percent, Gemdale dipped 0.26 percent, Poly Developments fell 0.22 percent, China Vanke rallied 2.34 percent and China Fortune Land surged 4.70 percent.
The lead from Wall Street is broadly positive as the major averages opened solidly higher on Thursday and remained in the green throughout the session.
The Dow surged 506.50 points or 1.48 percent to finish at 34,764.82, while the NASDAQ spiked 155.40 points or 1.04 percent to end at 15,052.24 and the S&P 500 jumped 53.34 points or 1.21 percent to close at 4,448.98.
The strength on Wall Street came amid easing concerns about Evergrande after the Chinese property developer reached a settlement with mainland bondholders.
The People’s Bank of China’s infusion of massive capital into the country’s banking system has also eased concerns about a potential default by Evergrande.
In economic news, the Labor Department said first-time claims for U.S. unemployment benefits unexpectedly increased for the second straight week in the week ended September 18.
Crude oil futures settled higher on Thursday amid prospects for a surge in energy demand and tighter supplies due to the slow recovery in the restoration of output in the Gulf of Mexico after recent hurricanes. West Texas Intermediate Crude oil futures for November ended up $1.07 or 1.5 percent at $73.30 a barrel.
Win Streak May Continue For China Stock Market
2021-09-24 00:59:58
