China Stock Market May See Additional Support On Thursday

(RTTNews) - The China stock market has finished higher in two of three trading days since the end of the two-day slide in which it had retreated more than 40 points or 1.5 percent. The Shanghai Composite Index now rests just beneath the 2,820-point plateau and it may extend its gains on Friday.

The global forecast for the Asian markets is upbeat on tech earnings news and the possibility of re-opening the U.S. economy in the coming weeks. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

The SCI finished modestly higher on Thursday following mixed performances from the financial shares and property stocks, while the oil companies were soft.

For the day, the index gained 8.76 points or 0.31 percent to finish at 2,819.94 after trading between 2,796.84 and 2,823.34. The Shenzhen Composite Index rose 8.26 points or 0.48 percent to end at 1,744.39.

Among the actives, Industrial and Commercial Bank of China eased 0.19 percent, while Bank of China added 0.28 percent, China Minsheng Bank collected 0.35 percent, China Merchants Bank dropped 0.99 percent, China Life Insurance shed 0.38 percent, Ping An Insurance lost 0.66 percent, PetroChina fell 0.44 percent, China Petroleum and Chemical (Sinopec) and China Vanke both slid 0.45 percent, China Shenhua Energy gained 0.44 percent, Gemdale eased 0.07 percent, Poly Developments surged 3.01 percent and China Construction Bank was unchanged.
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