BEIJING (dpa-AFX) - The China stock market has tracked higher in consecutive trading days, climbing almost 55 points or 1.8 percent along the way. The Shanghai Composite Index now rests just above the 3,230-point plateau and it may add to its winnings on Thursday.
The global forecast for the Asian markets is firm thanks to solid economic and earnings news, plus a bump in crude oil prices. The European and U.S. markets were up and the Asian bourses figure to follow suit.
The SCI finished sharply higher on Wednesday following mixed performances from the financials, properties and resource stocks.
For the day, the index surged 43.41 points or 1.36 percent to finish at 3,230.98 after trading between 3,179.73 and 3,232.94. The Shenzhen Composite Index spiked 27.73 points or 1.53 percent to end at 1,839.06.
Among the actives, Agricultural Bank of China shed 0.28 percent, while Industrial and Commercial Bank of China lost 0.19 percent, Bank of China collected 0.27 percent, Vanke slid 0.63 percent, Gemdale added 0.16 percent, China Life gained 0.55 percent, Ping An Insurance advanced 0.69 percent, PetroChina gathered 0.62 percent and China Petroleum and Chemical (Sinopec) fell 0.16 percent.
The lead from Wall Street is upbeat as stocks moved mostly higher on Wednesday, allowing all three major averages to reach new record closing highs.
The Dow rose 66.02 points or 0.3 percent to 21,640.75, while the NASDAQ added 40.74 points or 0.6 percent to 6,385.04 and the S&P gained 13.22 points or 0.5 percent to 2,473.83.
In economic news, the Commerce Department noted a bigger than expected rebound in housing starts in June. It also said that building permits also jumped more than expected.
Upbeat earnings news also contributed, with financial giant Morgan Stanley (MS) posting a strong gain after reporting better than expected second quarter results.
Crude oil futures continued to rise Wednesday, surging above $47 after a surprisingly large drop in U.S. oil inventories. August crude oil rose 66 cents or 1.4 percent to $47.06 a barrel on the New York Mercantile Exchange, its highest in six weeks.
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