BEIJING (dpa-AFX) - The China stock market has moved higher in back-to-back sessions, advancing more than 25 points or 0.6 percent along the way. The Shanghai Composite Index now sit just above the 4,080-point plateau although the rally may stall on Thursday.
The global forecast for the Asian markets is negative on rising oil prices and continuing hostilities in the Middle East. The European and U.S. markets were down and the Asian markets figure to follow suit.
The SCI finished slightly higher on Wednesday as gains from the resource and energy stocks were capped by weakness from the financials and properties.
For the day, the index rose 8.87 points or 0.22 percent to finish at 4,083.97 after trading between 4,059.91 and 4,107.05. The Shenzhen Composite Index added 7.71 points or 0.27 percent to end at 28.12.92.
Among the actives, Industrial and Commercial Bank of China dropped 0.82 percent, while Bank of China fell 0.34 percent, Agricultural Bank of China retreated 1.40 percent, China Merchants Bank sank 0.77 percent, Bank of Communications skidded 1.02 percent, China Life Insurance slumped 1.08 percent, Jiangxi Copper climbed 1.14 percent, Aluminum Corp of China (Chalco) jumped 1.69 percent, Yankuang Energy surged 8.84 percent, PetroChina rallied 1.78 percent, China Petroleum and Chemical (Sinopec) gained 0.83 percent, Huaneng Power added 0.44 percent, China Shenhua Energy improved 1.26 percent, Gemdale cratered 2.22 percent, Poly Developments tumbled 1.79 percent and China Vanke plunged 3.24 percent.
The lead from Wall Street is weak as the major averages opened lower on Wednesday and tracked deeper into the red as the day progressed, ending near session lows.
The Dow rumbled 620.72 points or 1.21 percent to finish at 50,687.07, while the NASDAQ sank 239.92 points or 0.89 percent to end at 26,853.98 and the S&P 500 lost 56.10 points or 0.74 percent to close at 7,553.68.
The pullback on Wall Street came on uncertainty about the situation in the Middle East, as negotiations between the U.S and Iran continue to drag on.
U.S. Central Command said U.S. forces defeated multiple Iranian ballistic missiles and drones and conducted 'self-defense' strikes on Qeshm Island in response to attempted attacks by Iran. But the ongoing military exchanges have contributed to a sharp increase by the price of crude oil.
Crude oil prices soared on Wednesday as fresh military strikes in the Middle East renew war concerns as the Strait of Hormuz remains blocked for oil and energy trade. West Texas Intermediate crude for July delivery was up $2.31 or 2.46 percent at $96.07 per barrel.
In U.S. economic news, the Institute for Supply Management released a report showing its reading on U.S. service sector activity increased by more than expected in the month of May.
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