BEIJING (dpa-AFX) - The China stock market has finished higher in six straight sessions, collecting more than 100 points or 2.8 percent along the way. The Shanghai Composite Index now sits just above the 3,600-point plateau although it's likely to see a downward correction on Friday.
The global forecast for the Asian markets is cautiously optimistic on the improving outlook for trade deals. The European and U.S. markets were mixed and little changed and the Asian markets are likely to follow that lead, with some profit taking in order.
The SCI finished modestly higher again on Thursday as gains from the properties and resource stocks were capped by weakness from the financial sector.
For the day, the index rose 23.43 points or 0.65 percent to finish at 3,605.73 after trading between 3,577.11 and 3,608.73. The Shenzhen Composite Index climbed 25.88 points or 1.19 percent to end at 2,203.09.
Among the actives, Industrial and Commercial Bank of China declined 1.31 percent, while Bank of China slumped 1.24 percent, Agricultural Bank of China sank 0.80 percent, China Merchants Bank shed 0.53 percent, Bank of Communications stumbled 1.76 percent, China Life Insurance climbed 1.02 percent, Jiangxi Copper accelerated 2.27 percent, Aluminum Corp of China (Chalco) spiked 2.23 percent, Yankuang Energy improved 1.35 percent, PetroChina tumbled 1.68 percent, China Petroleum and Chemical (Sinopec) shed 0.66 percent, Huaneng Power retreated 1.25 percent, Gemdale rallied 2.27 percent, Poly Developments jumped 1.71 percent, China Vanke strengthened 1.34 percent and China Shenhua Energy was unchanged.
The lead from Wall Street suggests mild upside as the major averages opened mixed on Thursday and closed in the same fashion.
The Dow stumbled 316.38 points or 0.70 percent to finish at 44,693.91, while the NASDAQ gained 37.94 points or 0.18 percent to close at 21,057.96 and the S&P 500 rose 4.44 points or 0.07 percent to end at 6,363.35.
The strength on Wall Street came on optimism that the U.S. could sign up more deals with its remaining trading partners before President Donald Trump's Aug. 1 deadline.
As UK, China, Vietnam, and Indonesia have come to an agreement with the U.S. already, Canada, India, South Korea, and the EU are ramping up their efforts. U.S. Secretary of the Treasury Scott Bessent reportedly said that the talks were 'going better than they had been,' and that progress was being made.
In economic news, the Commerce Department said that new home sales in the U.S. rebounded less than expected in June. Also, the Labor Department said U.S. initial jobless claims unexpectedly fell last week.
Crude oil rose on Thursday after the U.S. Energy Information Administration said crude stockpiles declined more than expected last week. West Texas Intermediate crude for September was up $0.87 or 1.33 percent to $66.12 per barrel.
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