BEIJING (dpa-AFX) - The China stock market has finished higher in back-to-back sessions, rallying more than 110 points or 2.8 percent in that span. The Shanghai Composite Index now sits just beneath the 4,000-point plateau and it may break through that barrier on Thursday.
The global forecast for the Asian markets is upbeat on news of the two-week ceasefire between the United States and Iran - although the Asian markets have already reacted to this news, so the upside may be more measured than the spikes in the European and U.S. markets.
The SCI finished sharply higher on Wednesday following gains from the property and resource sectors, while the energy companies were soft.
For the day, the index spiked 104.83 points or 2.69 percent to finish at the daily high of 3,995.00 after moving as low as 3,926.25. The Shenzhen Composite Index surged 109.54 points or 4.35 percent to end at 2,627.92.
Among the actives, Industrial and Commercial Bank of China skidded 1.08 percent, while Bank of China slumped 1.03 percent, Agricultural Bank of China dropped 0.90 percent, China Merchants Bank collected 1.62 percent, China Life Insurance soared 5.63 percent, Jiangxi Copper surged 6.54 percent, Aluminum Corp of China (Chalco) skyrocketed 7.37 percent, Yankuang Energy plunged 4.18 percent, PetroChina tumbled 4.62 percent, China Petroleum and Chemical (Sinopec) fell 0.34 percent, Huaneng Power jumped 2.08 percent, China Shenhua Energy tanked 3.43 percent, Gemdale improved 3.42 percent, Poly Developments vaulted 3.64 percent, China Vanke accelerated 3.67 percent and Bank of Communications was unchanged.
The lead from Wall Street is broadly positive as the major averages opened sharply higher and stayed that way throughout the trading day, ending at session highs.
The Dow surged 1,325.46 points or 2.85 percent to finish at 47,909.92, while the NASDAQ rallied 617.14 points or 2.80 percent to end at 22,634.99 and the S&P 500 jumped 165.96 points or 2.51 percent to close at 6,782.81.
The initial surge on Wall Street came in reaction to news that the U.S., Israel and Iran have agreed to a two-week ceasefire.
President Donald Trump said he has agreed to suspend the bombing and attack of Iran for two weeks subject to Tehran agreeing to the complete and immediate opening of the Strait of Hormuz.
A subsequent statement from Iran's Foreign Minister Abbas Araghchi indicated the Strait of Hormuz will be reopened for a period of two weeks if the attacks against Iran are halted.
Crude oil prices went into a tailspin Wednesday as supply-disruption risks dissipated following a two-week ceasefire agreement between the U.S. and Iran. West Texas Intermediate crude for May delivery was down $18.15 or 16.07 percent at $94.80 per barrel.
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