BEIJING (dpa-AFX) - The China stock market has finished lower in two straight trading days, sliding nearly 60 points or 2.8 percent along the way. The Shanghai Composite Index now sits just beneath the 3,320-point plateau and it's looking at a positive lead for Thursday's trade.
The global forecast for the Asian markets is upbeat on hopes for a coronavirus treatment, with technology stocks also expected to fuel support. The European and U.S. markets were sharply higher and the Asian bourses are also tipped to open in the green.
The SCI finished modestly lower on Wednesday following mixed performances from the financials and insurance companies, while the properties offered support.
For the day, the index fell 21.02 points or 0.63 percent to finish at 3,319.27 after trading between 3,263.27 and 3,335.73. The Shenzhen Composite Index dropped 28.34 points or 1.26 percent to end at 2,215.11.
Among the actives, Industrial and Commercial Bank of China collected 0.20 percent, while Bank of China shed 0.30 percent, China Construction Bank rose 0.16 percent, China Merchants Bank added 0.67 percent, China Life Insurance lost 0.43 percent, Ping An Insurance gained 0.61 percent, PetroChina perked 0.22 percent, China Shenhua Energy climbed 1.17 percent, Gemdale rallied 2.58 percent, Poly Developments jumped 1.85 percent, China Vanke soared 2.98 percent and China Petroleum and Chemical (Sinopec) was unchanged.
The lead from Wall Street is positive as stocks showed a strong move to the upside on Wednesday, offsetting losses from the previous session.
The Dow climbed 289.93 points or 1.05 percent to finish at 27,976.84, while the NASDAQ surged 229.42 points or 2.13 percent to end at 11,012.24 and the S&P 500 gained 46.66 points or 1.40 percent to close at 3,380.35.
The strength on Wall Street reflected a rebound by tech stocks, which pulled back sharply in recent sessions after the NASDAQ hit a record closing high last Thursday. Big-name companies like Apple (AAPL), Microsoft (MSFT), Amazon (AMZN) and Tesla (TSLA) led the way higher.
Positive sentiment may also have been generated by news that the U.S. government has secured 100 million doses of Moderna's (MRNA) experimental COVID-19 vaccine in a deal valued at up to $1.525 billion.
Traders largely shrugged off a report from the Labor Department showing the biggest increase in core consumer prices in nearly thirty years.
Oil prices rallied on Wednesday after industry data showed that U.S. inventories of crude fell more than analysts expected, raising hopes of a recovery in global oil demand. West Texas Intermediate crude futures were up $1.07 or 2.56 percent at $42.70.
Copyright RTT News/dpa-AFX