BEIJING (dpa-AFX) - The China stock market on Thursday snapped the two-day skid in which it dropped more than 100 points or 1.5 percent. The Shanghai Composite Index now sits just shy of the 4,110-point plateau, although it's likely to open to the downside again on Friday.
The global forecast for the Asian markets is negative on growing concerns over surging energy prices. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.
The SCI finished modestly higher on Thursday as gains from the financial shares and resource stocks were capped by weakness from the oil companies and a mixed picture from the property sector.
For the day, the index collected 26.09 points or 0.64 percent to finish at 4,108.57 after trading between 4,090.62 and 4,125.62. The Shenzhen Composite Index rallied 31.03 points or 1.17 percent to end at 2,672.82.
Among the actives, Industrial and Commercial Bank of China gained 0.42 percent, while Bank of China collected 0.75 percent, Agricultural Bank of China and Bank of Communications both advanced 0.90 percent, China Merchants Bank jumped 1.42 percent, China Life Insurance perked 0.05 percent, Jiangxi Copper added 0.40 percent, Aluminum Corp of China (Chalco) rallied 2.35 percent, Yankuang Energy spiked 3.23 percent, PetroChina plunged 4.15 percent, China Petroleum and Chemical (Sinopec) plunged 5.00 percent, Huaneng Power vaulted 1.22 percent, China Shenhua Energy shed 0.50 percent, Gemdale added 0.65 percent, Poly Developments fell 0.30 percent and China Vanke strengthened 1.52 percent.
The lead from Wall Street is weak as the major averages opened lower on Thursday and spent all day in the red, although ending off session lows.
The Dow tumbled 784.67 points or 1.61 percent to finish at 47,954.74, while the NASDAQ sank 58.50 points or 0.26 percent to close at 22,748.99 and the S&P 500 lost 38.79 points or 0.56 percent to end at 6,830.71.
Concerns about the impact of sharply higher energy prices weighed on Wall Street, as the price of crude oil resumed the surge seen early in the week.
Crude oil prices skyrocketed again on Thursday, resuming the surge seen earlier in the week in reaction to the conflict in the Middle East. West Texas Intermediate crude for April delivery spiked $6.51 or 8.7 percent to $81.17 a barrel and has soared $14.15 or 21.1 percent so far this week.
Iran has claimed it struck a U.S. oil tanker in the northern Persian Gulf, raising fears of a wider conflict after the Islamic republic threatened to halt shipping through the vital Strait of Hormuz.
Defense Secretary Pete Hegseth has also signaled a possible longer time frame for the conflict than has previously been floated by the Trump administration, saying the war could last up to eight weeks but might be over sooner.
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