China Bourse May Find Additional Support
BEIJING (dpa-AFX) - The China stock market has moved higher now in four straight sessions, gathering almost 50 points or 1.5 percent along the way.
The Shanghai Composite Index now rests just beneath the 3,150-point plateau, and the market is looking at continued strength on Thursday.
The global forecast for the Asian markets is upbeat thanks to positive earnings news. The European and U.S. markets were up and the Asian bourses figure to follow suit.
The SCI finished slightly higher on Wednesday following mixed performances from the financials and properties.
For the day, the index gathered 7.00 points or 0.22 percent to finish at 3,149.55 after trading between 3,133.19 and 3,151.47. The Shenzhen Composite Index picked up 7.59 points or 0.40 percent to end at 1,904.04.
Among the actives, Agricultural Bank of China added 0.31 percent, while Bank of China shed 0.28 percent, Industrial and Commercial Bank of China collected 0.22 percent, Vanke lost 0.39 percent, Gemdale surged 3.16 percent, China Unicom soared 4.27 percent and China Shenhua fell 0.64 percent.
The lead from Wall Street is positive as stocks moved higher on Wednesday. The Dow climbed above 20,000 for the first time, while the NASDAQ and the S&P 500 also hit new record closing highs.
The Dow climbed 155.80 points or 0.8 percent to 20,068.51, while the NASDAQ jumped 55.38 points or 1 percent to 5,656.34 and the S&P added 18.30 points or 0.8 percent to 2,298.37.
The markets got a lift after President Donald Trump signed several executive orders to help boost the economy, including orders reviving the controversial Keystone XL and Dakota pipeline projects.
He also directed federal funds to be used for the construction of a wall on the U.S. border with Mexico, although he has repeatedly claimed Mexico will reimburse U.S. taxpayers.
Also, the markets got a boost from solid earnings news from aerospace giant Boeing (BA) and chip maker Texas Instruments (TXN), although Alcoa (AA) lagged.
Crude oil prices fell Thursday as government data confirmed another build in U.S. oil inventories. WTI light sweet crude oil was down 45 cents at $52.75 a barrel.
Copyright RTT News/dpa-AFX
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