The China stock market has alternated between positive and negative finishes through the last seven trading days since the end of the two-day slide in which it had retreated more than 45 points or 0.6 percent. The Shanghai Composite Index now rests just beneath the 3,595-point plateau and it’s expected to open higher again on Friday.
The global forecast for the Asian markets is mixed to higher with projected upbeat earnings news offset by sinking crude oil prices. The European markets were down and the U.S. bourses mostly higher and the Asian markets figure to follow the latter lead.
The SCI finished modestly higher on Thursday following gains from financials, oil companies and properties.
For the day, the index added 7.78 points or 0.22 percent to finish at 3,594.78 after trading between 3,576.35 and 3,610.96. The Shenzhen Composite Index dipped 3.86 points or 0.16 percent to end at 2,416.18.
Among the actives, Industrial and Commercial Bank of China advanced 0.85 percent, while Bank of China collected 0.65 percent, China Construction Bank climbed 1.16 percent, China Merchants Bank rallied 2.58 percent, Bank of Communications gathered 0.88 percent, China Life Insurance soared 4.70 percent, Jiangxi Copper sank 0.82 percent, Aluminum Corp of China (Chalco) improved 0.99 percent, Yanzhou Coal surged 5.37 percent, PetroChina added 0.51 percent, China Petroleum and Chemical (Sinopec) gained 0.67 percent, Huaneng Power tumbled 1.88 percent, China Shenhua Energy spiked 4.96 percent, Gemdale accelerated 4.32 percent, Poly Developments skyrocketed 5.49 percent, China Vanke jumped 3.65 percent and Beijing Capital Development perked 2.15 percent.
The lead from Wall Street again is mixed as the major averages opened slightly lower on Thursday. The S&P 500 and the NASDAQ quickly climbed into the green and finished that way, but the Dow remained slightly mired in negative territory all day.
The Dow eased 6.26 points or 0.02 percent to finish at 35,603.08, while the NASDAQ jumped 94.02 points or 0.62 percent to close at 15,215.70 and the S&P 500 rose 13.59 points or 0.30 percent to end at 4,549.78.
The continued strength on Wall Street came the Labor Department said first-time claims for U.S. unemployment benefits unexpectedly edged lower last week. Also, the National Association of Realtors said existing home sales rebounded more than expected in September.
Upbeat earnings news also contributed to the continued advance, thanks to the likes of Tesla (TSLA) and HP Inc. (HPQ). Meanwhile, a steep drop by shares of IBM Corp. (IBM) weighed on the Dow, with the tech giant plunging by 9.6 percent after reporting weaker than expected Q3 revenues.
Crude oil prices tumbled on Thursday, weighed down by a forecast that U.S. weather this winter will likely be warmer than average. Profit taking after recent strong gains and lower coal and natural gas prices also contributed to oil’s decrease. West Texas Intermediate Crude oil futures for December ended down by $0.92 or 1.1 percent at $82.50 a barrel.
Market Analysis
China Bourse Poised To Crack 3,600-Point Barrier
2021-10-22 01:00:06
