BEIJING (dpa-AFX) - The China stock market has moved higher in five straight sessions, advancing more than 85 points or 3 percent along the way. The Shanghai Composite Index now rests just beneath the 2,925-point plateau and it's set to open higher again on Thursday.
The global forecast for the Asian markets is upbeat after data supported optimism for economic recovery following the shutdown caused by the Covid-19 pandemic. The European and U.S. markets were up and the Asian bourses are also tipped to open in the green.
The SCI finished slightly higher on Wednesday following gains from the financial shares and oil and insurance companies, while the property stocks were mixed.
For the day, the index added 1.97 points or 0.07 percent to finish at 2,923.37 after trading between 2,922.66 and 2,942.76. The Shenzhen Composite Index rose 0.72 points or 0.02 percent to end at 1,847.38.
Among the actives, Bank of China collected 0.57 percent, while China Construction Bank added 0.31 percent, China Merchants Bank gained 0.51 percent, China Life Insurance soared 4.21 percent, Ping An Insurance advanced 0.98 percent, PetroChina perked 0.70 percent, China Petroleum and Chemical (Sinopec) rose 0.47 percent, China Shenhua Energy increased 0.79 percent, Poly Developments was up 0.26 percent, China Vanke tumbled 1.47 percent and Industrial and Commercial Bank of China and Gemdale were unchanged.
The lead from Wall Street is broadly positive as stocks moved sharply higher on Wednesday, sending the major averages to fresh multi-month closing highs.
The Dow surged 527.24 points or 2.05 percent to finish at 26,269.89, while the NASDAQ advanced 74.54 points or 0.78 percent to end at 9,682.91 and the S&P 500 jumped 42.05 points or 1.36 percent to close at 3,122.87.
The continued strength on Wall Street came as new economic data added to investor optimism for a quick recovery, including a report from payroll processor ADP showing the pace of private sector job losses slowed more than expected in May.
A separate report from the Institute for Supply Management also showed the pace of contraction in the service sector slowed more than expected.
Crude oil futures settled higher on Wednesday on reports that OPEC will likely extend production cuts by another month. West Texas Intermediate Crude oil futures for July ended up $0.48 or 1.3 percent at $37.29 a barrel, the best closing level for a front-month contract since March 6.
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