BEIJING (dpa-AFX) - The China stock market has moved higher in two straight sessions, adding more than 65 points or 1.3 percent along the way. The Shanghai Composite Index now sits just beneath the 4,150-point plateau and it's likely to open in the green again on Thursday.
The global forecast for the Asian markets is positive, riding solely on the strength of technology companies. The European and U.S. markets were up and the Asian bourses are likely to follow that lead.
The SCI finished modestly higher on Wednesday following gains from the resource ad property stocks, while the oil companies were soft and the financial sector was mixed.
For the day, the index gained 29.82 points or 0.72 percent to finish at 4,147.23 after trading between 4,122.70 and 4,167.84. The Shenzhen Composite Index climbed 32.88 points or 1.21 percent to end at 2,746.26.
Among the actives, Industrial and Commercial Bank of China eased 0.14 percent, while Agricultural Bank of China collected 0.46 percent, China Merchants Bank fell 0.41 percent, Bank of Communications lost 0.75 percent, China Life Insurance skidded 1.10 percent, Jiangxi Copper advanced 0.93 percent, Aluminum Corp of China (Chalco) soared 4.40 percent, Yankuang Energy plunged 2.77 percent, PetroChina contracted 0.90 percent, China Petroleum and Chemical (Sinopec) slumped 0.91 percent, Huaneng Power dropped 0.99 percent, China Shenhua Energy sank 0.80 percent, Gemdale spiked 2.69 percent, Poly Developments rallied 2.50 percent, China Vanke strengthened 1.63 percent and Bank of China was unchanged.
The lead from Wall Street is firm as the major averages opened higher on Wednesday and remained in the green throughout the trading day, ending at session highs.
The Dow climbed 307.65 points or 0.63 percent to finish at 49,482.15, while the NASDAQ jumped 288.40 points or 1.26 percent to close at 23,152.08 and the S&P 500 gained 56.06 points or 0.81 percent to end at 6,946.13.
The strength on Wall Street reflected optimism ahead of the release of earnings news from AI chipmaker and market leader Nvidia (NVDA) after the close of Wednesday's trade. The company's earnings came in at $42.960 billion, or $1.76 per share compared to $22.091 billion, or $0.89 per share, last year.
Software stocks turned in some of the market's best performances on the day, with the Dow Jones U.S. Software Index spiking by 3.1 percent. The index continued to regain ground after slumping to its lowest closing level in ten months on Monday amid easing AI disruption concerns.
The price of crude oil ticked lower on Wednesday after the Energy Information Administration reported a substantial rebound by U.S. crude oil inventories last week. West Texas Intermediate crude for April delivery slipped $0.15 or 0.2 percent to $65.48 a barrel.
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