BEIJING (dpa-AFX) - The China stock market has moved higher in two of three trading days since the end of the two-day losing streak in which it had dropped more than 80 points or 2.2 percent. The Shanghai Composite Index now sits just beneath the 3,690-point plateau and it may see additional support on Thursday.
The global forecast for the Asian markets is positive on plummeting oil prices following the U.S. midterm elections. The European and U.S. markets were sharply higher and the Asian bourses are expected to open in similar fashion.
The SCI finished sharply higher on Wednesday following gains from the technology, energy and manufacturing companies, while the financials and utilities were soft.
For the day, the index rallied 78.07 points or 2.16 percent to finish at 3,686.17 after trading between 3,590.80 and 3,686.17. The Shenzhen Composite Index surged 76.65 points or 3.70 percent to end at 2,149.84.
The lead from Wall Street is upbeat as the major averages opened higher on Wednesday and stayed firmly in the green throughout the trading day, ending near session highs.
The Dow surged 1,569.40 points or 3.03 percent to finish at 53,356.12, while the NASDAQ jumped 364.50 points or 1.44 percent to close at 25,736.51 and the S&P 500 rallied 119.70 points or 1.58 percent to end at 7,688.62.
The rally on Wall Street was a positive reaction to the Democrats' decisive victory in the midterm elections on Tuesday after they won control of both the House and Senate after flipping several seats in traditionally Republican states.
In U.S. economic news, payroll processor ADP said private sector employment in the U.S. grew by more than expected in October. Also, the Institute for Supply Management said service sector growth saw a modest slowdown last month.
Crude oil prices tumbled on Wednesday, losing the geopolitical risk premium as a comfortable victory for the Democrat party in the U.S. midterm elections eased concerns of renewed U.S.-Iran escalation. West Texas Intermediate crude for December delivery was down $8.39 or 8.73 percent at $87.70 per barrel.
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