The China stock market has moved lower in three straight sessions, dropping more than 90 points or 2.5 percent along the way. The Shanghai Composite Index now rests just beneath the 3,520-point plateau although it may find support on Friday.
The global forecast for the Asian markets is upbeat on expectations for solid earnings news and support from crude oil prices. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The SCI finished sharply lower on Thursday following losses from the financials, properties and resource stocks.
For the day, the index dropped 43.89 points or 1.23 percent to finish at 3,518.42 after trading between 3,509.49 and 3,552.04. The Shenzhen Composite Index tumbled 35.27 points or 1.47 percent to end at 2,362.24.
Among the actives, Industrial and Commercial Bank of China shed 0.64 percent, while Bank of China fell 0.33 percent, China Construction Bank lost 0.67 percent, China Merchants Bank slumped 0.55 percent, Bank of Communications dipped 0.22 percent, China Life Insurance sank 0.72 percent, Jiangxi Copper tumbled 3.46 percent, Aluminum Corp of China (Chalco) plunged 5.38 percent, Yanzhou Coal plummeted 9.98 percent, PetroChina cratered 6.20 percent, China Petroleum and Chemical (Sinopec) tanked 3.45 percent, Huaneng Power rallied 2.38 percent, China Shenhua Energy surrendered 3.96 percent, Gemdale retreated 1.38 percent, Poly Developments slid 0.61 percent, China Vanke declined 2.70 percent and Beijing Capital Development was down 0.61 percent.
The lead from Wall Street is broadly positive as the major averages opened firmly higher on Thursday and stayed in the green throughout the trading day.
The Dow jumped 239.79 points or 0.68 percent to finish at 35,730.48, while the NASDAQ spiked 212.28 points or 1.39 percent to close at 15,448.12 and the S&P 500 gained 44.74 points or 0.98 percent to end at 4,596.42.
A positive reaction to the latest batch of earnings news from big-name companies helped stocks renew the upward trend seen in recent sessions, fueled by the likes of Ford (F), Brewer Anheuser-Busch InBev (BUD), Caterpillar (CAT) and Merck (MRK).
Adding to the positive sentiment, a report from the Labor Department showed initial jobless claims fell for the fourth straight week last week.
Crude oil futures settled marginally higher Thursday, recovering from an early setback as prices were weighed down by data showing an increase in U.S. crude inventories and the prospect of Iranian crude entering the market. West Texas Intermediate crude oil futures for December ended up by $0.15 or 0.2 percent at $82.81 a barrel.
Market Analysis
China Stock Market Predicted To Open In The Green
2021-10-29 01:00:14
