BEIJING (dpa-AFX) - The China stock market has moved higher in five straight sessions, collecting almost 90 points or 2.2 percent along the way. The Shanghai Composite Index now sits just above the 4,055-point plateau and it may add to its winnings again on Friday.
The global forecast for the Asian markets is cautiously optimistic on hopes for an end to hostilities in the Middle East. The European and U.S. markets were mostly higher and the Asian bourses are expected to open in similar fashion.
The SCI finished modestly higher on Thursday following gains from the resource companies and mixed performances from the financial shares and property stocks.
For the day, the index gained 28.34 points or 0.70 percent to finish at 4,055.55 after trading between 4,028.91 and 4,057.83. The Shenzhen Composite Index jumped 48.27 points or 1.80 percent to end at 2,733.57.
Among the actives, Industrial and Commercial Bank of China and China Petroleum and Chemical (Sinopec) both lost 0.53 percent, while Agricultural Bank of China collected 0.72 percent, China Merchants Bank perked 0.03 percent, Bank of Communications and Huaneng Power both dipped 0.14 percent, China Life Insurance added 0.45 percent, Jiangxi Copper improved 0.75 percent, Aluminum Corp of China (Chalco) soared 4.07 percent, Yankuang Energy advanced 0.94 percent, PetroChina dropped 0.94 percent, China Shenhua Energy shed 0.65 percent, Gemdale sank 0.71 percent, Poly Developments added 0.51 percent, China Vanke fell 0.25 percent and Bank of China was unchanged.
The lead from Wall Street is positive as the major averages survived early weakness on Thursday and moved modestly up into the green and remained that way to the close.
The Dow climbed 1.15.00 points or 0.24 percent to finish at 48,578.72. while the NASDAQ added 86.69 points or 0.36 percent to close at a record 24,102.70 and the S&P 500 rose 18.33 points or 0.26 percent to end at 7,041.28, also a record.
Traders continued to express optimism about a second round of peace talks between the U.S. and Iran, although a new meeting has not been officially announced.
Adding to the positive sentiment, President Donald Trump announced in a post on Truth Social that Israel and Lebanon have agreed to a 10-day ceasefire.
In U.S. economic news, the Federal Reserve released a report showing industrial production in the U.S. unexpectedly decreased last month.
Crude oil prices surged on Thursday as concerns of supply disruptions continue despite upcoming peace talks between the U.S. and Iran to end the month-long gulf war. West Texas Intermediate crude for May delivery was up $3.45 or 3.78 percent at $94.74 per barrel.
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