BEIJING (dpa-AFX) - The China stock market on Thursday wrote a finish to the six-day losing streak in which it had plummeted almost 240 points or 7 percent. The Shanghai Composite Index now rests just beneath the 3,300-point plateau although it's likely to head south again on Friday.
The global forecast for the Asian markets suggests mild consolidation on geopolitical concerns and inflation worries. The European and U.S. markets were down and the Asan bourses are expected to open in similar fashion.
The SCI finished sharply higher on Thursday following gains from the financials and mixed performances from the properties and resource stocks.
For the day, the index improved 39.70 points or 1.22 percent to finish at 3,296.09 after trading between 3,291.24 and 3,326.58. The Shenzhen Composite Index spiked 44.79 points or 2.12 percent to end at 2,160.94.
Among the actives, China Construction Bank collected 0.67 percent, while China Merchants Bank gained 0.70 percent, Bank of Communications added 0.43 percent, China Life Insurance eased 0.04 percent, Jiangxi Copper rose 0.34 percent, Aluminum Corp of China (Chalco) retreated 1.42 percent, Yankuang Energy and China Petroleum and Chemical (Sinopec) both perked 0.24 percent, PetroChina declined 1.39 percent, Huaneng Power dropped 0.88 percent, China Shenhua Energy skidded 1.30 percent, Gemdale advanced 0.76 percent, Poly Developments fell 0.37 percent, China Vanke dropped 1.24 percent, China Fortune Land jumped 1.38 percent, Beijing Capital Development climbed 1.34 percent and Industrial and Commercial Bank of China and Bank of China were unchanged.
The lead from Wall Street is soft as the major averages opened lower on Thursday and remained in the red throughout the session.
The Dow dropped 112.18 points or 0.34 percent to finish at 33,174.07, while the NASDAQ tumbled 125.58 points or 0.95 percent to close at 13,129.96 and the S&P 500 lost 18.36 points or 0.43 percent to end at 4,259.52.
The early weakness on Wall Street reflected ongoing concerns about the Russian invasion of Ukraine as peace talks between the countries resulted in little progress on key issues.
In economic news, the Labor Department noted a continued acceleration in the annual rate of U.S. consumer price growth in February, reaching its highest rate since January 1982. A separate report from the Labor Department showed a modest increase in initial jobless claims last week.
Crude oil prices retreated on Thursday following reports that Russia will fulfill its contractual obligations, helping to ease concerns about supply disruptions. West Texas Intermediate Crude oil futures for April settled at $106.02 a barrel, down $2.68 or 2.5 percent from the previous close.
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