The China stock market has moved higher in consecutive trading days, gathering almost 40 points or 1.2 percent along the way. The Shanghai Composite Index now rests just above the 3,570-point plateau and it’s looking at a green light again on Friday.

The global forecast for the Asian markets is upbeat as they continue to recover from recent selling, supported mainly by crude oil prices. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The SCI finished modestly higher on Thursday following gains from the financial shares and resource stocks, while the properties were mixed.

For the day, the index added 12.07 points or 0.34 percent to finish at 3,574.73 after trading between 3,558.29 and 3,576.47. The Shenzhen Composite Index gained 11.32 points or 0.45 percent to end at 2,503.85.

Among the actives, Industrial and Commercial Bank of China collected 0.43 percent, while Bank of China rose 0.33 percent, China Construction Bank added 0.34 percent, China Merchants Bank climbed 1.11 percent, China Life Insurance jumped 1.55 percent, Jiangxi Copper soared 5.65 percent, Aluminum Corp of China (Chalco) skyrocketed 6.20 percent, Yanzhou Coal surged 4.41 percent, PetroChina gathered 1.28 percent, China Petroleum and Chemical (Sinopec) perked 1.24 percent, Baoshan Iron rallied 5.22 percent, Gemdale accelerated 1.69 percent, Poly Developments gained 0.71 percent, China Vanke strengthened 2.11 percent, China Fortune Land fell 0.20 percent, Beijing Capital Development lost 0.59 percent and Bank of Communications was unchanged.

The lead from Wall Street is positive as the major averages opened mixed on Thursday but all headed higher in the afternoon and finished in the green.

The Dow added 25.35 points or 0.07 percent to finish at 34,823.35, while the NASDAQ gained 52.64 points or 0.36 percent to end at 14,684.60 and the S&P 500 rose 8.79 points or 0.20 percent to close at 4,367.48.

The modestly higher close on Wall Street reflected recent upward momentum as stocks continued to recover from the sell-off on Monday. However, traders seemed reluctant to make significant moves following the recent volatility.

In economic news, the Labor Department reported an unexpected increase in initial jobless claims last week. Also, the National Association of Realtors said existing home sales rebounded in June following four straight monthly declines.

Crude oil futures settled higher on Thursday, gaining for a third successive day, thanks to reports showing strong gasoline demand and a rebound in distillate fuels. West Texas Intermediate crude oil futures for September ended up $1.61 or 2.3 percent at $71.91 a barrel.




China Stock Market May Add To Its Winnings On Friday

2021-07-23 01:00:09

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