China Stock Market Has Positive Lead For Thursday
(RTTNews) - The China stock market on Wednesday ended the modest two-day winning streak in which it had gathered more than 15 points or 0.5 percent. The Shanghai Composite Index now rests just above the 2,940-point plateau although it's expected to tick higher again on Thursday.
The global forecast for the Asian markets is cautiously optimistic on mixed earnings news and a jump in crude oil prices. The European markets were mixed and the U.S. bourses were higher and the Asian markets figure to split the difference.
The SCI finished modestly lower on Wednesday following losses from the property stocks and oil companies, while the financials were mixed.
For the day, the index slid 12.76 points or 0.43 percent to finish at 2,941.62 after trading between 2,934.63 and 2,957.30. The Shenzhen Composite Index sank 12.81 points or 0.79 percent to end at 1,681.40.
Among the actives, Industrial and Commercial Bank of China climbed 1.03 percent, while Bank of China collected 0.54 percent, China Construction Bank rose 0.14 percent, China Merchants Bank shed 0.36 percent, China Life Insurance gained 0.29 percent, Ping An Insurance dropped 0.87 percent, PetroChina lost 0.33 percent, China Petroleum and Chemical (Sinopec) dipped 0.20 percent, China Shenhua Energy fell 0.44 percent, Gemdale plummeted 2.95 percent, Poly Developments plunged 2.36 percent and China Vanke tumbled 2.12 percent.
The lead from Wall Street suggests mild upside as stocks showed a lack of direction on Wednesday, bouncing back and forth across the unchanged line before ending modestly higher.
The Dow added 45.85 points or 0.17 percent to end at 26,833.95, while the NASDAQ rose 15.50 points or 0.19 percent to 8,119.79 and the S&P 500 rose 8.53 points or 0.28 percent to 3,004.52.
The choppy trading on Wall Street came as traders digested soft earnings news from big-name companies like Boeing (BA), Caterpillar (CAT) and Texas Instruments (TXN).
A lack of major developments on the Brexit and U.S.-China trade deal fronts also kept traders reluctant to make more significant moves.
Crude oil futures rose sharply and settled at a one-month high on Wednesday after data showed an unexpected decline in crude inventories in the U.S. last week. West Texas Intermediate Crude oil futures for December ended up $1.49 or 2.7 percent at $55.97 a barrel.
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