BEIJING (dpa-AFX) - The China stock market has moved higher in three straight trading days, gathering almost 30 points or 0.8 percent along the way. The Shanghai Composite Index now sits just above the 3,680-point plateau and it's tipped to extend its gains on Thursday.
The global forecast for the Asian markets is positive, with technology and energy stocks expected to lead the way higher. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.
The SCI finished modestly higher on Wednesday as gains from the technology. Manufacturing and transportation companies were capped by weakness from the energy and communications stocks.
For the day, the index added 16.92 points or 0.46 percent to finish at 3,680.64 after trading between 3,650.31 and 3,689.65. The Shenzhen Composite Index climbed 24.94 points or 1.16 percent to end at 2,183.96.
The lead from Wall Street is firm as the major averages opened mixed on Wednesday but trended to the upside throughout the day, finishing firmly in the green.
The Dow gained 254.60 points or 0.49 percent to finish at 52,486.49, while the NASDAQ rallied 400.31 points or 1.60 percent to end at 25,466.19 and the S&P 500 jumped 98.45 points or 1.31 percent to close at 7,619.38.
Technology stocks have helped lead the markets back to upside amid a positive reaction to better-than-expected quarterly results from neocloud company CoreWeave (CRWV).
Semiconductor stocks showed a strong move to the upside, driving the Philadelphia Semiconductor Index up by 5.7 percent, while energy stocks also provided support.
Crude oil prices advanced on Wednesday after strong remarks by Iranian leaders against the U.S. diminished expectations of an early reopening of the Strait of Hormuz. West Texas Intermediate crude for December delivery was up $0.96 or 1.12 percent at $87.00 per barrel.
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