BEIJING (dpa-AFX) - The China stock market has moved higher in two straight sessions, accelerating more than 80 points or 2.2 percent along the way. The Shanghai Composite Index now sits just beneath the 3,690-point plateau although it may run out of steam on Friday.
The global forecast for the Asian markets is broadly negative on surging oil prices and AI concerns. The European and U.S. markets were sharply lower and the Asian bourses are expected to follow suit.
The SCI finished slightly higher on Thursday as gains from the technology and manufacturing sectors were offset by weakness among the financials and energy minerals.
For the day, the index perked 3.74 points or 0.10 percent to finish at 3,689.91 after trading between 3,646.57 and 3,701.59. The Shenzhen Composite Index jumped 34.26 points or 1.59 percent to end at 2,184.10.
The lead from Wall Street is brutal as the major averages opened lower on Thursday but trended sharply lower as the day progressed, ending at session lows.
The Dow plummeted 1,833.06 points or 3.44 percent to finish at 51,523.06, while the NASDAQ crashed 1,421.52 points or 5.52 percent to close at 24,315.00 and the S&P 500 tumbled 334.89 points or 4.36 percent to end at 7,353.73.
The sharp pullback on Wall Street came amid a renewed sell-off in the tech sector, with the tech-heavy NASDAQ plummeting into contraction territory on concerns about the sustainability of the artificial intelligence trade amid expected tighter regulation.
Semiconductor stocks showed a particularly steep drop, resulting in a 12.3 percent nosedive by the Philadelphia Semiconductor Index. Considerable weakness was is also visible among computer hardware stocks, as reflected by the 10 percent plunge by the NYSE Arca Computer Hardware Index.
In U.S. economic news, the Labor Department noted an unexpected decline in first-time claims for U.S. unemployment benefits last week; the Labor Department is scheduled to release its more closely watched report on October's employment situation later today.
Crude oil prices surged on Thursday as investors look for the next steps to resolve the U.S.-Iran standoff - either through diplomacy or hostility. West Texas Intermediate crude for December was up $2.29 or 2.60 percent at $90.41 per barrel.
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