China Stock Market May Extend Winning Streak

RTTNews | 1167 दिनों पहले

(RTTNews) - The China stock market has finished higher in back-to-back sessions, gathering almost 50 points or 1.6 percent along the way. The Shanghai Composite Index now sits just beneath the 3,305-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is upbeat, with bargain hunting expected after brutal selling over the past week. The European and U.S. markets were up and the Asian bourses are predicted to follow suit.

The SCI finished modestly higher on Wednesday as gains from the financials and properties were capped by weakness from the resource companies.

For the day, the index gained 16.50 points or 0.50 percent to finish at 3,305.41 after trading between 3,288.85 and 3,358.55. The Shenzhen Composite Index advanced 9.88 points or 0.47 percent to end at 2,098.99.

Among the actives, Industrial and Commercial Bank of China rose 0.21 percent, while China Construction Bank collected 0.67 percent, China Merchants Bank spiked 3.16 percent, Bank of Communications added 0.40 percent, China Life Insurance skyrocketed 9.99 percent, Jiangxi Copper eased 0.11 percent, Aluminum Corp of China (Chalco) jumped 1.81 percent, Yankuang Energy plunged 3.55 percent, PetroChina retreated 1.29 percent, China Petroleum and Chemical (Sinopec) dropped 0.94 percent, Huaneng Power lost 0.65 percent, China Shenhua Energy tanked 2.35 percent, Gemdale rallied 2.66 percent, Poly Developments surged 4.82 percent, China Vanke soared 3.32 percent, China Fortune Land declined 1.74 percent, Beijing Capital Development improved 0.63 percent and Bank of China was unchanged.

The lead from Wall Street is positive as the major averages opened solidly higher on Wednesday and remained in the green throughout the day, finishing near session highs.

The Dow climbed 303.70 points or 1.00 percent to finish at 30,668.53, while the NASDAQ surged 270.81 points or 2.50 percent to end at 11,099.15 and the S&P 500 jumped 54.51 points or 1.46 percent to close at 3,789.99.

The rally on Wall Street came even as the Federal Reserve announced the biggest increase in interest rates in almost 30 years. The Fed raised the target rate for the federal funds rate by 75 basis points to 1.50 to 1.75 percent, marking the biggest rate hike since 1994.

The widely expected move by the Fed comes as a recent report from the Labor Department showed consumer price inflation at the fastest annual rate in 40 years. Citing its goals of maximum employment and inflation at a rate of 2 percent over the longer run, the Fed also indicated that further rate hikes are likely to be appropriate.

In economic news, the Commerce Department noted an unexpected decrease in U.S. retail sales in May, while a separate report showed U.S. import prices increased by less than expected. Also, the National Association of Home Builders said homebuilder confidence fell to its lowest level since June 2020.

Crude oil prices slumped on Wednesday after data showed a jump in oil inventories in the U.S. last week, and the Federal Reserve hiked interest rates by a sharp 0.75 percent. West Texas Intermediate Crude oil futures dropped by $2.21 or 1.8 percent to $116.72 a barrel.

Lower Open Called For Thai Stock Market

The Thai stock market has finished higher in two straight sessions, collecting almost 20 points or 1.6 percent along the way. The Stock Exchange of Thailand now sits just above the 1,260-point plateau although it figures to open in the red on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | 15 मिनटों पहले

Japanese Market Significantly Lower

The Japanese stock market is trading significantly lower on Tuesday, reversing the gains in the previous two sessions, following the broadly negative cues from Wall Street overnight, with the Nikkei 225 falling below the 42,400 level, with weakness across most sectors led by index heavyweights, exporters and financial stocks.

RTTNews | 43 मिनटों पहले

Indonesia Bourse May Hand Back Monday's Gains

The Indonesia stock market on Monday wrote a finish to the two-day slide in which it had fallen almost 85 points or 1.1 percent. The Jakarta Composite Index now sits just above the 7,925-point plateau although it's looking at a soft start on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | 45 मिनटों पहले

Hong Kong Shares May Be Stuck In Neutral On Tuesday

The Hong Kong stock market has moved higher in two straight sessions, improving more than 825 points or 3.4 percent along the way. The Hang Seng Index now rests just beneath the 25,830-point plateau although it may open under pressure on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | 1घंटे 0 मिनट पहले

Australian Market Modestly Lower

The Australian stock market is trading modestly lower on Tuesday, recouping the slight gains in the previous session, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 8,950 level, with weakness in iron ore miners, financial and technology stocks partially offset by gains gold miners.

RTTNews | 1घंटे 3 मिनट पहले

China Stock Market Due For Consolidation

The China stock market has moved higher in four straight sessions, advancing almost 160 points or 4.4 percent along the way. The Shanghai Composite Index now sits just above the 3,880-point plateau although it may see profit taking on Tuesday.

RTTNews | 1घंटे 15 मिनट पहले

Taiwan Bourse May Hand Back Monday's Gains

The Taiwan stock market bounced higher again on Monday, one session after ending the two-day winning streak in which it had gained more than 600 points or 2.6 percent. The Taiwan Stock Exchange now rests just above the 24,275-point plateau although it's expected to open to the downside on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water. For the day, the index surged 512.91 points or 2.16 points to finish at 24,277.38 after trading between 24,108.75 and 24,362.02. Among the actives, Mega Financial and United Microelectronics Corporation both eased 0.12 percent, while Fubon Financial jumped 1.93 percent, E Sun Financial and Formosa Plastics both sank 0.74 percent, Taiwan Semiconductor Manufacturing Company accelerated 3.08 percent, Hon Hai Precision rallied 2.47 percent, Largan Precision added 0.42 percent, MediaTek soared 3.30 percent, Novatek Microelectronics climbed 1.18 percent, Nan Ya Plastics surged 3.53 percent, Asia Cement gained 0.40 percent and Cathay Financial, CTBC Financial and Catcher Technology were unchanged.

RTTNews | 1घंटे 45 मिनट पहले

Singapore Stock Market Tipped To Open In The Red

The Singapore stock market has climbed higher in five straight sessions, improving almost 70 points or 1.6 percent along the way. The Straits Times Index now sits just above the 4,255-point plateau although investors may lock in gains on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | 2घंटे 15 मिनट पहले

EURUSD	1.16432	GBPUSD	1.34742	AUDUSD	0.64829
USDJPY	147.423	USDCAD	1.38512	USDCHF	0.80423