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Additional Support Predicted For China Shares

(RTTNews) - The China stock market has moved higher in three straight sessions, advancing more than 65 points or 2.4 percent along the way. The Shanghai Composite Index now rests just above the 2,605-point plateau and it's expected to extend its gains on Friday.

The global forecast for the Asian markets remains positive on optimism that the trade war between the United States and China will soon come to an end. The European and U.S. markets were up and the Asian bourses figure to follow suit.

The SCI finished barely higher on Thursday following gains from the cement companies, weakness from the financials and resource stocks and a mixed picture from the property sector.

For the day, the index added 3.45 points or 0.13 percent to finish at 2,606.24 after trading between 2,603.65 and 2,636.80. The Shenzhen Composite Index climbed 12.09 points or 0.93 percent to end at 1,306.31.

Among the actives, Bank of China skidded 1.34 percent, while Industrial and Commercial Bank of China dropped 1.07 percent, China Minsheng Bank declined 1.56 percent, China Merchants Bank collected 0.48 percent, China Construction Bank sank 0.84 percent, China Petroleum and Chemical (Sinopec) shed 0.79 percent, PetroChina tumbled 1.32 percent, Yanzhou Coal fell 0.39 percent, Aluminum Corporation of China (Chalco) slid 0.53 percent, China Shenhua Energy lost 0.50 percent, Jiangxi Copper and Gemdale both dipped 0.22 percent, Poly Developments spiked 1.90 percent, China Vanke advanced 0.78 percent, CITIC Securities perked 1.17 percent, Anhui Conch Cement surged 2.66 percent and China Life Insurance was unchanged.

The lead from Wall Street continues to be firm as stocks shook off a lackluster open on Thursday to finish sharply higher, extending recent gains.

The Dow added 264.98 points or 1.06 percent to 25,380.74, while the NASDAQ jumped 128.16 points or 1.75 percent to 7,434.06 and the S&P gained 28.63 points or 1.06 percent to 2,740.37.

The continued strength on Wall Street came after President Donald Trump said he had a "very good" conversation with Chinese President Xi Jinping about trade. That follows recent reports the U.S. will impose tariffs on all remaining Chinese imports if the talks at the G20 summit fail to ease the trade war.

In economic news, the Labor Department reported a slight drop in first-time claims for U.S. jobless benefits in the week ended October 27. The Labor Department also noted a slowdown in labor productivity growth in Q3, while the Institute for Supply Management noted a bigger than expected slowdown in manufacturing activity in October.

Crude oil prices drifted lower for a fourth straight session on Thursday, on concerns of oversupply and fading demand. Crude futures for December were down $1.62, or 2.5 percent at 63.69 a barrel, the lowest settlement in nearly seven months.
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