The China stock market on Wednesday wrote a finish to the five-day slide in which it had plummeted more than 200 points or 6.6 percent. The Shanghai Composite Index now rests just beneath the 2,960-point plateau and it may add to its winnings on Thursday.
The global forecast for the Asian markets is mixed to higher thanks mainly to bargain hunting after heavy selling in the region. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.
The SCI finished sharply higher on Wednesday following gains from the insurance, oil and resource stocks, while the financials and properties were soft.
For the day, the index spiked 71.86 points or 2.49 percent to finish at 2,958.28 after trading between 2,863.65 and 2,959.18. The Shenzhen Composite Index surged 69.11 points or 3.94 percent to end at 1,821.39.
Among the actives, Industrial and Commercial Bank of China tanked 2.08 percent, while Bank of China retreated 1.52 percent, China Construction Bank dropped 0.99 percent, China Merchants Bank sank 0.96 percent, Bank of Communications collected 0.20 percent, China Life Insurance climbed 1.17 percent, Jiangxi Copper rallied 4.54 percent, Aluminum Corp of China (Chalco) soared 5.42 percent, Yankuang Energy accelerated 2.77 percent, PetroChina improved 1.80 percent, China Petroleum and Chemical (Sinopec) strengthened 1.69 percent, Huaneng Power surged 6.80 percent, China Shenhua Energy advanced 1.76 percent, Gemdale plunged 3.79 percent, Poly Developments plummeted 4.50 percent, China Vanke cratered 3.85 percent, China Fortune Land dipped 0.35 percent and Beijing Capital Development slumped 3.14 percent.
The lead from Wall Street ends up mixed and flat after the major averages shook off early support on Wednesday, fading late and ending on opposite sides of the unchanged line.
The Dow added 61.75 points or 0.19 percent to finish at 33,301.93, while the NASDAQ eased 1.81 points or 0.01 percent to close at 12,488.93 and the S&P 500 rose 8.76 points or 0.21 percent to end at 4,183.96.
The markets had opened higher on bargain hunting and earnings optimism but gave back most of those gains as the day progressed on worries over a Covid-fueled economic slowdown and the outlook for interest rates.
In economic news, the National Association of Realtors said that pending home sales fell for the fifth straight month in March, although the decline was less than expected.
Crude oil prices climbed higher on Wednesday, lifted by data showing a drop in gasoline and distillate stockpiles last week. West Texas Intermediate Crude oil futures for rose $0.32 or 0.3 percent at $102.02 a barrel.
Market Analysis
China Stock Market May Extend Wednesday’s Gains
2022-04-28 01:02:14
