Win Streak May Continue For China Stock Market

RTTNews | 11 days ago

(RTTNews) - The China stock market has finished higher in five straight sessions, collecting more than 75 points or 2.1 percent along the way. The Shanghai Composite Index now sits just above the 3,580-point plateau and it may add to its winnings again on Thursday.

The global forecast for the Asian markets is upbeat on optimism for trade deals. The European and U.S. markets were solidly higher and the Asian bourses are expected to follow that lead.

The SCI finished barely higher on Wednesday as gains from the financial shares and property stocks were offset by weakness from the resource companies.

For the day, the index perked 0.44 points or 0.01 percent to finish at 3,582.30 after trading between 3,577.59 and 3,613.02. The Shenzhen Composite Index shed 11.74 points or 0.54 percent to end at 2,177.21.

Among the actives, Industrial and Commercial Bank of China collected 0.66 percent, while Bank of China advanced 0.90 percent, Agricultural Bank of China rallied 2.46 percent, China Merchants Bank rose 0.40 percent, Bank of Communications added 0.51 percent, China Life Insurance jumped 1.84 percent, Jiangxi Copper skidded 1.04 percent, Aluminum Corp of China (Chalco) retreated 1.67 percent, Yankuang Energy declined 1.55 percent, PetroChina sank 0.78 percent, China Petroleum and Chemical (Sinopec) dipped 0.17 percent, Huaneng Power tumbled 1.64 percent, China Shenhua Energy slumped 1.67 percent, Gemdale climbed 1.28 percent, China Vanke gained 0.30 percent and Poly Developments was unchanged.

The lead from Wall Street is strong as the major averages opened with modest gains on Wednesday but continued to climb as the day progressed, ending at session highs.

The Dow surged 507.85 points or 1.14 percent to finish at 45,010.29, while the NASDAQ jumped 127.33 points or 0.61 percent to close at a record 21,020.02 and the S&P 500 gained 49.29 points or 0.78 percent to end at 6,358.91, also a record.

The strength on Wall Street came after President Donald Trump announced trade deals with Japan and the Philippines.

The announcement of these trade deals spurred expectations of further trade agreements as the Aug. 1 deadline nears.

On the U.S. economic front, a report released by the National Association of Realtors showed existing home sales in the U.S. pulled back by more than expected in the month of June.

Crude oil prices dipped slightly on Wednesday as uncertainty persists in U.S. trade talks ahead of the deadline. West Texas Intermediate crude for September delivery eased $0.06 to $65.25 per barrel.

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