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China Stock Market May Add To Its Winnings

(RTTNews) - The China stock market bounced higher again on Wednesday, one session after it had ended the three-day winning streak in which it had advanced more than 70 points or 2.7 percent. The Shanghai Composite Index now rests just above the 2,650-point plateau and it's predicted to extend its gains on Thursday.

The global forecast for the Asian markets is generally positive on earnings news, bargain hunting and bump in crude oil prices. The European and U.S. markets were up and the Asian markets are tipped to follow suit.

The SCI finished slightly higher on Wednesday as gains from the property stocks were capped by weakness from the oil companies and a mixed bag from the financial sector.

For the day, the index perked 5.65 points or 0.21 percent to finish at 2,651.51 after trading between 2,617.78 and 2,653.80. The Shenzhen Composite Index added 7.51 points or 0.54 percent to end at 1,386.43.

Among the actives, Gemdale climbed 1.23 percent, while Poly Developments advanced 0.98 percent, China Vanke jumped 1.48 percent, Industrial and Commercial Bank of China added 0.19 percent, China Merchants Bank eased 0.07 percent, Bank of China collected 0.28 percent, China Life Insurance shed 0.72 percent, Ping An Insurance lost 0.14 percent, PetroChina dropped 1.53 percent, China Petroleum and Chemical (Sinopec) tumbled 1.82 percent, China Shenhua Energy slid 0.31 percent and China Construction Bank was unchanged.

The lead from Wall Street suggests mild upside as stocks maintained a positive bias for much of Wednesday but gave back ground going into the close. The major averages pulled back from session highs, with the Dow ending nearly flat.

The Dow eased 0.95 points to 24,464.69, while the NASDAQ climbed 63.43 points or 0.92 percent to 6,972.25 and the S&P added 8.04 points or 0.30 percent to end at 2,649.93.

The early strength came as traders went bargain hunting following the sell-off in the two previous sessions. Upbeat earnings news from retailers like Foot Locker (FL), BJ's Wholesale (BJ) and Barnes & Noble (BKS) also contributed to the rebound.

In economic news, the Commerce Department saw a steeper than expected drop in durable goods orders in October. The Labor Department said first-time claims for U.S. unemployment benefits unexpectedly edged higher in the week ended November 17th. And the National Association of Realtors noted a bigger than expected rebound in existing home sales in October.

Crude oil prices rose on Wednesday after having tumbled to a 13-month low in the previous session amid concerns about excess supply and slowing global economy. Crude oil futures for January ended up $1.20 or 2.3 percent at $54.63 a barrel.
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