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Renewed Selling Pressure Tipped For China Shares

02.12.16 02:20

BEIJING (dpa-AFX) - The China stock market bounced higher again on Thursday, one session after it had ended the four-day winning streak in which it had advanced more than 40 points or 1.3 percent. The Shanghai Composite Index now rests just above the 3,270-point plateau, although the market may head south again on Friday.

The global forecast for the Asian markets suggests mild consolidation ahead of key U.S. jobs data later today - although support from crude oil prices should limit the downside. The European and U.S. markets were mostly lower and the Asian bourses figure to follow suit.

The SCI finished modestly higher on Thursday as gains from the financial shares and resource stocks were capped by weakness from the property sector.

For the day, the index advanced 23.28 points or 0.72 percent to finish at 3,273.31 after trading between 3,256.26 and 3,279.67. The Shenzhen Composite Index added 12.78 points or 0.61 percent to end at 2,119.69.

Among the actives, Agricultural Bank of China collected 0.31 percent, while Bank of China added 0.28 percent, China Life dropped 1.43 percent, Ping An gained 0.25 percent, Vanke eased 0.04 percent, Gemdale plunged 3.00 percent, PetroChina jumped 1.84 percent and China Shenhua climbed 1.12 percent.

The lead from Wall Street is slightly negative as stocks were mixed on Thursday as traders continued to digest OPEC's decision to curtail oil output.

The Dow rose 68.35 points or 0.4 percent to 19,191.93, but the NASDAQ tumbled 72.57 points or 1.4 percent to 5,251.11 and the S&P 500 fell 7.73 points or 0.4 percent to 2,191.08.

The mixed performance came as traders continued to react to news that OPEC plans to reduce oil production by 1.2 million barrels to 32.5 million barrels a day. Crude for January delivery jumped $1.62 to $51.06 a barrel after soaring $4.21 to $49.44 a barrel a day earlier.

In economic news, the Institute for Supply Management noted a faster rate of growth in manufacturing activity in November. Also, the Labor Department said initial jobless claims climbed to a five-month high in the week ended November 26.

Later today, the Labor Department will release its closely watched monthly employment report for November. Employment is expected to add 170,000 jobs in November after climbing by 161,000 jobs in October, while the jobless rate is expected to hold at 4.9 percent.

Copyright RTT News/dpa-AFX



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