The China stock market rebounded on Thursday, one session after it had ended the three-day winning streak in which it had gathered more than 90 points or 2.6 percent. The Shanghai Composite Index now rests just above the 3,465-point plateau and it’s looking at additional support on Friday.
The global forecast for the Asian markets is upbeat, with technology and oil stocks expected to lead the markets higher. The European and U.S. bourses were up and the Asian markets are tipped to follow suit.
The SCI finished modestly higher on Thursday as gains from the resource stocks were capped by weakness from the financial and property stocks.
For the day, the index gained 24.42 points or 0.71 percent to finish at 3,466.33 after trading between 3,438.83 and 3,470.03. The Shenzhen Composite Index advanced 24.57 points or 1.11 percent to end at 2,242.19.
Among the actives, Industrial and Commercial Bank of China sank 0.72 percent, while Bank of China shed 0.60 percent, China Construction Bank lost 0.68 percent, China Merchants Bank eased 0.10 percent, Bank of Communications fell 0.61 percent, China Life Insurance climbed 1.19 percent, Jiangxi Copper added 0.36 percent, Aluminum Corp of China (Chalco) jumped 1.59 percent, Yanzhou Coal rallied 2.12 percent, PetroChina retreated 0.47 percent, China Petroleum and Chemical (Sinopec) slid 0.69 percent, China Shenhua Energy skidded 1.09 percent, Gemdale was up 0.08 percent, Poly Developments dipped 0.56 percent, China Vanke was down 0.57 percent and China Fortune Land declined 0.96 percent.
The lead from Wall Street is broadly positive as stocks opened higher on Thursday and gathered steam as the day progressed, closing near daily highs.
The Dow climbed 171.66 points or 0.52 percent to finish at 33,153.21, while the NASDAQ spiked 233.23 points or 1.76 percent to end at 13,480.11 and the S&P 500 jumped 46.98 points or 1.18 percent to close at 4,019.87.
The rally by technology stocks in the NASDAQ reflected solid earnings news and a retreat by treasury yields, with the yield on the benchmark ten-year note moving lower after ending the previous day at its highest closing level in a year.
Traders were also reacting to President Joe Biden’s speech regarding his $2 trillion infrastructure and economic recovery plan.
In economic news, the Institute for Supply Management said U.S. manufacturing activity accelerated more than expected in March. Also, the Labor Department said first-time claims for U.S. unemployment benefits rebounded from their lowest level in a year last week.
Crude oil prices moved sharply higher Thursday on news that OPEC has agreed to incremental increases in crude production for three months starting in May. West Texas Intermediate Crude oil futures for May ended higher by $2.29 or 3.9 percent at $61.45 a barrel.
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