Soft Start Anticipated For China Stock Market

RTTNews | 909 दिनों पहले
Soft Start Anticipated For China Stock Market

(RTTNews) - The China stock market has moved higher in three straight sessions, gathering more than 85 points or 2.8 percent along the way. The Shanghai Composite Index now rests just above the 3,165-point plateau although it may spin its wheels on Friday.

The global forecast for the Asian markets is mixed and flat ahead of key U.S. employment data later in the day. The European and U.S. bourses were mixed and little changed and the Asian bourses are tipped to follow suit.

The SCI finished modestly higher on Thursday following gains from the resource stocks, weakness from the financials and oil companies and a mixed picture from the properties.

For the day, the index added 14.14 points or 0.45 percent to finish at 3,165.47 after trading between 3,164.53 and 3,198.41. The Shenzhen Composite Index jumped 25.41 points or 1.26 percent to end at 2,044.10.

Among the actives, Industrial and Commercial Bank of China skidded 1.16 percent, while Bank of China retreated 1.59 percent, China Construction Bank slumped 1.61 percent, China Merchants Bank collected 0.11 percent, Bank of Communications dipped 0.21 percent, China Life Insurance declined 1.58 percent, Jiangxi Copper gained 0.75 percent, Aluminum Corp of China (Chalco) added 0.67 percent, Yankuang Energy surrendered 1.43 percent, PetroChina dropped 0.95 percent, China Petroleum and Chemical (Sinopec) shed 0.44 percent, Huaneng Power tumbled 1.55 percent, China Shenhua Energy plunged 2.26 percent, Gemdale added 0.51 percent, Poly Developments sank 0.48 percent, China Vanke jumped 1.88 percent and Beijing Capital Development plummeted 4.94 percent.

The lead from Wall Street is murky as the major averages were unable to hold early gains on Thursday, with only the NASDAQ able to break back into the green.

The Dow stumbled 194.76 points or 0.56 percent to finish at 34,395.01, while the NASDAQ added 14.45 points or 0.13 percent to close at 11,482.45 and the S&P 500 eased 3.54 points or 0.09 percent to end at 4,076.57.

The lack of direction shown by the broader markets came as traders looked ahead to the Labor Department's closely watched monthly jobs report later today.

The data could affect the outlook for interest rates, although the impact may be somewhat muted following Federal Reserve Chair Jerome Powell's remarks on Wednesday hinting at a slowdown in the pace of rate hikes as soon as next month.

In economic news, the Institute for Supply Management said manufacturing activity contracted for the first time in over two years in November. Also, the Labor Department said first-time claims for U.S. unemployment benefits pulled back by more than expected last week.

Crude oil futures settled higher Thursday on easing concerns about the outlook for energy demand, while a weaker dollar amid rising prospects of smaller rate hikes by the Fed also contributed to the increase in oil prices. West Texas Intermediate Crude oil futures for January gained $0.67 or 0.8 percent at $81.22 a barrel.

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