(RTTNews) - The China stock market has moved higher in four straight sessions, collecting more than 100 points or 2.5 percent along the way. The Shanghai Composite Index now sits just above the 4,180-point plateau although the rally may stall on Friday.
The global forecast for the Asian markets is soft, with profit taking expected amid continued uncertainty over the conflict in the Middle East. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The SCI finished modestly higher on Thursday following mixed performances from the financial shares, property stocks and resource companies, while the oil issues were soft.
For the day, the index added 19.92 points or 0.48 percent to finish at 4,180.09 after trading between 4,163.14 and 4,180.21. The Shenzhen Composite Index climbed 33.69 points or 1.19 percent to end at 2,872.24.
Among the actives, Industrial and Commercial Bank of China collected 0.41 percent, while Bank of China sank 0.78 percent, Agricultural Bank of China perked 0.15 percent, China Merchants Bank eased 0.13 percent, Bank of Communications shed 0.59 percent, China Life Insurance rallied 2.13 percent, Jiangxi Copper vaulted 1.43 percent, Aluminum Corp of China (Chalco) tumbled 1.65 percent, Yankuang Energy plummeted 6.33 percent, PetroChina plunged 5.21 percent, China Petroleum and Chemical (Sinopec) stumbled 1.86 percent, Huaneng Power jumped 1.68 percent, China Shenhua Energy cratered 4.48 percent, China Vanke dropped 0.75 percent and Poly Developments and Gemdale were unchanged.
The lead from Wall Street is weak as the major averages opened mixed on Thursday but gradually tracked into the red and finished under water.
The Dow dropped 313.62 points or 0.63 percent to finish at 49,596.97, while the NASDAQ dipped 32.75 points or 0.13 percent to close at 25,806.20 and the S&P 500 sank 28.01 points or 0.38 percent to end at 7,337.11.
Stocks showed a lack of direction early in the day as traders remain optimistic about a peaceful end to the conflict in the Middle East but may want to see more tangible results from U.S.-Iran negotiations before making big bets.
But selling pressure picked as crude oil prices saw a substantial turnaround over the course of the day, with U.S. crude oil futures jumping by more than 1 percent following reports that Iran is attempting to force shippers to comply with a new protocol for transiting the Strait of Hormuz.
Crude oil prices had moved lower as Iran reviews a peace plan offered by the U.S. to end the gulf war but bounced higher again on supply concerns. West Texas Intermediate crude for June delivery was at $94.76 per barrel.
In U.S. economic news, a report released by the Labor Department showed first-time claims for U.S. unemployment benefits rebounded by less than expected in the week ended May 2.
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