China Bourse May Add To Its Winnings On Wednesday

(RTTNews) - Ahead of the long holiday weekend for Labor Day, the China stock market had moved higher in back-to-back sessions, collecting almost 35 points or 0.8 percent along the way. The Shanghai Composite Index now sits just above the 4,110-point plateau and it's tipped to open in the green again on Wednesday.

The global forecast for the Asian markets is positive, thanks to easing crude oil prices. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The SCI finished slightly higher on Thursday as gains from the property stocks were offset by weakness from the financials and resource companies.

For the day, the index rose 4.65 points or 0.11 percent to finish at 4,112.16 after trading between 4,100.97 and 4,118.76. The Shenzhen Composite Index rose 3.73 points or 0.13 percent to end at 2,776.23.

Among the actives, Industrial and Commercial Bank of China, while Bank of China dropped 0.59 percent, Agricultural Bank of China slipped 0.29 percent, China Merchants Bank sank 0.60 percent, Bank of Communications stumbled 2.16 percent, China Life Insurance was up 0.08 percent, Jiangxi Copper surrendered 1.98 percent, Aluminum Corp of China (Chalco) tumbled 2.18 percent, Yankuang Energy retreated 1.38 percent, PetroChina fell 0.24 percent, China Petroleum and Chemical (Sinopec) lost 0.55 percent, Huaneng Power shed 0.43 percent, China Shenhua Energy perked 0.04 percent, Gemdale advanced 1.05 percent, China Vanke climbed 1.03 percent and Poly Developments was unchanged.

The lead from Wall Street is firm as the major averages started higher and picked up steam as the day progressed, finishing near daily highs.

The Dow jumped 356.35 points or 073 percent to finish at 49,298.25, while the NASDAQ rallied 258.32 points or 1.03 percent to end at a record 25,326.13 and the S&P 500 gained 58.47 points or 0.81 percent to close at 7,259.22, also a record.

The strength on Wall Street came amid a sharp pullback by the price of crude oil, with U.S. crude oil futures plunging by more than 3 percent after spiking by more than 4 percent on Monday.

Crude oil prices plummeted on Tuesday after U.S. attempts to unblock Strait of Hormuz traffic boosted market sentiments and eased supply concerns. West Texas Intermediate crude for June delivery was down $3.80 or 3.57 percent at $102.62 per barrel.

A positive reaction to some of the latest earnings news also contributed to the strength on Wall Street, led by Anheuser-Busch InBev (BUD), which handily beat the street.

In U.S. economic news, a report released by the Institute for Supply Management showed a slight slowdown in the pace of growth in U.S. service sector activity in the month of April.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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