China Stock Market May Find Traction On Friday

(RTTNews) - The China stock market has moved lower in back-to-back trading days, sliding more than 15 points or 0.4 percent along the way. The Shanghai Composite Index now sits just above the 3,310-point plateau although it may stop the bleeding on Friday.

The global forecast for the Asian markets is cautiously optimistic on hopes for a stimulus bill in the United States. The European markets were mixed and flat and the U.S. markets were up and the Asian markets figure to split the difference.

The SCI finished modestly lower on Thursday following losses from the oil and insurance companies and mixed performances from the financials and properties.

For the day, the index sank 12.52 points or 0.38 percent to finish at 3,312.50 after trading between 3,281.37 and 3,320.88. The Shenzhen Composite Index lost 10.99 points or 0.49 percent to end at 2,243.24.

Among the actives, Industrial and Commercial Bank of China rose 0.20 percent, while Bank of China shed 0.31 percent, China Construction Bank collected 0.62 percent, China Merchants Bank advanced 0.96 percent, Bank of Communications dipped 0.22 percent, China Life Insurance tanked 2.44 percent, Ping An Insurance was down 0.36 percent, PetroChina fell 0.24 percent, China Petroleum and Chemical (Sinopec) slid 0.25 percent, China Shenhua Energy added 0.54 percent, Gemdale lost 0.49 percent, Poly Developments gained 0.56 percent, China Vanke jumped 1.30 percent, Beijing Capital Development sank 0.30 percent and China Minsheng Bank and China Fortune Land were unchanged.

The lead from Wall Street is mildly positive as stocks fluctuated on Thursday, bouncing back and forth across the unchanged line before finishing slightly higher.

The Dow added 152.84 points or 0.54 percent to finish at 28,363.66, while the NASDAQ gained 21.31 points or 0.19 percent to end at 11,506.01 and the S&P 500 rose 17.93 points or 0.52 percent to close at 3,453.49.

The strength on Wall Street came as House Speaker Nancy Pelosi indicated Democrats and the White House continue to make progress toward an agreement on a new stimulus bill.

In economic news, the Labor Department said initial jobless claims came in below estimates last week. Also, the National Association of Realtors reported that existing home sales spiked by more than anticipated in September.

Crude oil prices moved higher Thursday, cutting into losses in the previous session after reports that Russian President Vladimir Putin said his country has not ruled out delaying OPEC+ production increases that are set for January. West Texas Intermediate Crude oil futures for December ended up $0.63 or 1.4 percent at $40.64 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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