China Bourse Expected To Remain Rangebound

(RTTNews) - The China stock market has alternated between positive and negative finishes through the last five trading days since the end of the three-day slide in which it had dropped almost 130 points or 3.8 percent. The Shanghai Composite Index now sits just above the 3,575-point plateau although it's expected to open under pressure again on Thursday.

The global forecast for the Asian markets is mixed to lower thanks to renewed concerns over bond yields. The European markets were up and the U.S. bourses were down and the somewhat overbought Asian markets are tipped to follow the latter lead.

The SCI finished sharply higher on Wednesday following gains from the financial shares, properties and resource stocks.

For the day, the index spiked 68.31 points or 1.95 percent to finish at 3,576.90 after trading between 3,498.72 and 3,577.62. The Shenzhen Composite Index jumped 30.35 points or 1.30 percent to end at 2,363.11.

Among the actives, Industrial and Commercial Bank of China rallied 3.02 percent, Bank of China climbed 1.55 percent, China Construction Bank surged 6.24 percent, China Merchants Bank soared 6.50 percent, Bank of Communications collected 1.54 percent, China Life Insurance jumped 2.81 percent, Jiangxi Copper added 0.75 percent, Aluminum Corp of China (Chalco) spiked 6.76 percent, Yanzhou Coal skyrocketed 7.11 percent, PetroChina gathered 0.94 percent, China Petroleum and Chemical (Sinopec) perked 1.83 percent, Baoshan Iron accelerated 9.39 percent, Gemdale gained 1.57 percent, Poly Developments rose 0.37 percent, China Vanke improved 0.63 percent and Beijing Capital Development was unchanged.
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