BEIJING (dpa-AFX) - The China stock market has ticked higher in three straight sessions, gathering more than 100 points or 2.6 percent along the way. The Shanghai Composite Index now rests just above the 3,930-point plateau although it may run out of steam on Friday.
The global forecast for the Asian markets is weak on waning optimism over the outlook for interest rates. The European and U.S. markets were down and the Asian markets are expected to open in similar fashion.
The SCI finished sharply higher on Thursday following gains from the resource and energy stocks, while the financials and properties were mixed.
For the day, the index jumped 51.20 points or 1.32 percent to finish at 3,933.97 after trading between 3,885.74 and 3,936.58. The Shenzhen Composite Index climbed 30.54 points or 1.21 percent to end at 2,549.96.
Among the actives, Industrial and Commercial Bank of China perked 0.14 percent, while Bank of China advanced 0.97 percent, Agricultural Bank of China collected 0.45 percent, China Merchants Bank fell 0.20 percent, China Life Insurance dipped 0.05 percent, Jiangxi Copper skyrocketed 10 percent, Aluminum Corp of China (Chalco) soared 5.34 percent, Yankuang Energy accelerated 2.55 percent, PetroChina jumped 2.73 percent, China Petroleum and Chemical (Sinopec) climbed 1.32 percent, Huaneng Power spiked 3.12 percent, China Shenhua Energy rallied 2.44 percent, Gemdale dropped 0.92 percent, Poly Developments rose 0.25 percent, China Vanke retreated 1.45 percent and Bank of Communications was unchanged.
The lead from Wall Street is soft as the major averages opened flat but quickly turned lower and spent the balance of the day in the red.
The Dow dropped 243.36 points or 0.52 percent to finish at 46,358.42, while the NASDAQ slipped 18.75 points or 0.08 percent to close at 23,023.62 and the S&P 500 sank 18.61 points or 0.28 percent to end at 6,735.11.
The pullback on Wall Street reflected profit taking following recent strength in the markets, which came amid persistent optimism about the artificial intelligence trade.
Investors may also have begun to express concerns about the ongoing U.S. government shutdown, which entered its ninth day with no end in sight.
Traders also kept an eye on remarks by several Federal Reserve officials, with Fed Governor Michael Barr said the central bank should move 'cautiously' due to considerable uncertainty about the future course of the economy.
Crude oil prices fell sharply on Thursday due to the possible easing of hostilities in the Middle East. West Texas Intermediate crude for November delivery was down $1.10 or 1.76 percent at $61.45 per barrel.
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