BEIJING (dpa-AFX) - The China stock market has climbed higher in three straight sessions, advancing more than 130 points or 4.3 percent along the way. The Shanghai Composite Index now rests just above the 3,010-point plateau and it's expected to add to its winnings again on Thursday.
The global forecast for the Asian markets is upbeat on optimism over the political landscape in the United States. The European and U.S. markets were up and the Asian bourses figure to follow suit.
The SCI finished modesty higher on Wednesday as gains from the financial shares and property stocks were capped by weakness from the energy producers.
For the day, the index advanced 18.77 points or 0.63 percent to finish at 3,011.67 after trading between 2,974.36 and 3,012.00. The Shenzhen Composite Index gained 6.82 percent or 0.36 percent to end at 1,895.74.
Among the actives, Industrial and Commercial Bank of China rose 0.19 percent, while Bank of China collected 0.28 percent, China Merchants Bank gained 0.46 percent, China Life Insurance rose 0.33 percent, Ping An Insurance climbed 1.37 percent, PetroChina eased 0.19 percent, China Shenhua Energy sank 0.30 percent, Gemdale surged 5.17 percent, Poly Developments jumped 1.20 percent, China Vanke soared 3.73 percent, CITIC Securities spiked 2.43 percent and China Construction Bank and China Petroleum and Chemical (Sinopec) were unchanged.
The lead from Wall Street is broadly positive as stocks moved sharply higher on Wednesday, accelerating as the day progressed.
The Dow jumped 1,173.45 points or 4.53 percent to end at 27,090.86, while the NASDAQ spiked 334.00 points or 3.85 percent to 9,018.09 and the S&P 500 surged 126.75 points or 4.22 percent to 3,130.12.
The rebound on Wall Street came after former Vice President Joe Biden performed much better than expected in the Super Tuesday contests, including an upset victory over Senator Bernie Sanders in delegate-rich Texas. Biden is seen as likely to be a much more pro-business president than the very liberal Sanders.
In economic news, the Institute for Supply Management said service sector growth expanded to a one-year high in February, while payroll processor ADP said private sector employment increased by more than expected in February.
Crude oil futures drifted lower on Wednesday ahead of the meeting of OPEC and its allies in Vienna this week. West Texas Intermediate Crude oil futures for April ended down $0.40 or 0.9 percent at $46.78 a barrel.
Copyright RTT News/dpa-AFX
© 2020 AFX News
