BEIJING (dpa-AFX) - The China stock market has finished higher in three straight sessions, collecting more than 70 points or 2.4 percent along the way. The Shanghai Composite Index now rests just beneath the 2,960-point plateau and it's expected to continue its winning ways on Thursday.
The global forecast for the Asian markets is broadly positive in upbeat political news and surging crude oil prices. The European and U.S. markets were firmly in the green and the Asian markets are tipped to open in similar fashion.
The SCI finished modestly higher on Wednesday following gains from the financials, properties and oil and insurance companies.
For the day, the index gathered 27.26 points or 0.93 percent to finish at the daily high of 2,957.41 after trading as low as 2,925.88. The Shenzhen Composite Index rose 10.84 points or 0.67 percent to end at 1,636.40.
Among the actives, Industrial and Commercial Bank of China climbed 1.30 percent, while Bank of China jumped 1.41 percent, China Construction Bank spiked 1.74 percent, China Merchants Bank advanced 2.17 percent, China Life Insurance and China Petroleum and Chemical (Sinopec) both accelerated 1.39 percent, Ping An Insurance gained 0.91 percent, PetroChina perked 0.65 percent, China Shenhua Energy rose 1.08 percent, Gemdale soared 3.70 percent, Poly Developments skyrocketed 4.29 percent, China Vanke surged 3.89 percent and CITIC Securities added 2.15 percent.
The lead from Wall Street is solid as stocks opened sharply higher on Wednesday and extending gains as the day progressed.
The Dow climbed 237.45 points or 0.91 percent to 26,355.47, while the NASDAQ spiked 102.72 points or 1.30 percent to 7,976.88 and the S&P 500 rose 31.51 points or 1.08 percent to 2,937.78.
The initial strength on Wall Street reflected a positive reaction to developments overseas - including news that Hong Kong leader Carrie Lam has withdrawn a controversial extradition bill that would have allowed people in Hong Kong to be extradited to mainland China.
Positive sentiment was also generated in reaction to a report showing growth in China's service sector accelerated in August despite broader economic headwinds.
In U.S. economic news, the Commerce Department said the U.S. trade deficit narrowed in July amid an increase in exports and a drop in imports. Stocks then reached new highs following the release of the Federal Reserve's Beige Book, which said the U.S. economy expanded at a modest pace through August.
Crude oil futures rebounded Wednesday to see their biggest single-session gain in two months, buoyed by strong data out of China and upbeat political news. West Texas Intermediate crude oil futures for October ended up $2.32 or 4.3 percent at $56.26 a barrel.
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