(RTTNews.com) - The China stock market has moved lower in consecutive trading days, skidding almost 30 points or 1.2 percent along the way. The Shanghai Composite Index now rests just beneath the 2,500-point plateau, although it figures to rebound on Thursday.
The global forecast for the Asian markets is broadly positive, thanks to a spike in crude oil prices and bargain hunting after heavy losses earlier this week. The European markets were mixed and the U.S. bourse were sharply higher - and the Asian markets are expected to follow the latter lead.
The SCI finished slightly lower on Wednesday following weakness from the insurance companies and mixed performances from the financials, properties and oil companies.
For the day, the index sank 6.53 points or 0.26 percent to finish at 2,498.29 after trading between 2,492.08 and 2,513.83.
Among the actives, Industrial and Commercial Bank of China collected 0.76 percent, while China Merchants Bank skidded 1.74 percent, Bank of China added 0.55 percent, China Construction Bank was up 0.16 percent, China Life Insurance shed 0.88 percent, Ping An Insurance dropped 1.56 percent, PetroChina dipped 0.28 percent, China Petroleum and Chemical (Sinopec) was up 0.18 percent, China Shenhua Energy retreated 2.66 percent, Gemdale gained 0.11 percent, Poly Developments declined 1.01 percent, China Vanke fell 0.71 percent and CITIC Securities was unchanged.
Following the sell-off in recent sessions, stocks rebound sharply on Wednesday, extending gains heading into the close.
The Dow soared 1,086.25 points or 4.98 percent to 22,878.45, while the NASDAQ surged 361.44 points or 5.84 percent to 6,554.35 and the S&P 500 jumped 116.60 points or 4.96 percent to 2,467.70.
Bargain hunting contributed to the rally on Wall Street, with traders picking up stocks at reduced levels after recent weakness dragged the major averages to their lowest closing levels in over a year.
Positive sentiment may have been generated by members of President Donald Trump's administration continuing to downplay reports the president has privately discussed firing Federal Reserve Chairman Jerome Powell.
Meanwhile, the partial government continues, with Trump stating the government will not reopen until Democrats agree to fund his controversial border wall.
Crude oil prices rose sharply amid thin deals on Wednesday, rebounding from an 18-month low on Christmas Eve. Crude oil futures for February surged $4.69 or 8.6 percent to $46.22 a barrel.
Closer to home, China will see November figures for industrial profits later today; in October, profits were up 3.6 percent on year.
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