BEIJING (dpa-AFX) - The China stock market has ticked higher in consecutive trading days, collecting almost 45 points or 1.5 percent along the way. The Shanghai Composite Index remains just above the 3,080-point plateau, and the market may add to its winnings again on Thursday.
The global forecast for the Asian markets is cautiously optimistic, fueled largely by a spike in crude oil prices. The European and U.S. markets were slightly higher and the Asian bourses figure to follow that lead.
The SCI finished barely higher on Wednesday as gains from the telecoms and resource stocks were capped by weakness from the properties and financials.
For the day, the index collected 0.84 points or 0.03 percent to finish at 3,084.72 after trading between 3,076.77 and 3,096.22. The Shenzhen Index dipped 0.36 percent to end at 10,757.92.
Among the actives, China Life shed 1.02 percent, while Ping An slid 0.23 percent, Agricultural Bank of China collected 0.23 percent, Bank of China fell 0.29 percent, Industrial and Commercial Bank of China lost 0.23 percent, China Unicom spiked 3.72 percent, Vanke skidded 0.65 percent and China Shenhua jumped 0.70 percent.
The lead from Wall Street suggests mild upside as stocks moved slightly higher on Wednesday, with a jump in oil prices leading to a rally in the energy sector.
The Dow rose 40.68 points or 0.2 percent to 18,202.62, while the NASDAQ inched up 2.57 points or 0.1 percent to 5,246.41 and the S&P 500 added 4.69 points or 0.2 percent to 2,144.29.
The strength came amid a sharp increase in the price of crude oil, with crude for November delivery surging up $1.31 to $51.60 a barrel, the highest closing level since July of 2015. The jump followed a report that showed an unexpected drop in weekly crude oil inventories.
In economic news, the Commerce Department said that housing starts unexpectedly tumbled to their lowest level in well over a year in September.
The Federal Reserve also released its Beige Book, which said economic activity continued to expand during the reporting period from late August to early October, with most districts indicating a modest or moderate pace of expansion.
Copyright RTT News/dpa-AFX
© 2016 AFX News
