China Bourse May Extend Thursday's Gains

(RTTNews) - The China stock market bounced higher again on Thursday, one day after snapping the four-day winning streak in which it had risen almost 45 points or 1.3 percent. The Shanghai Composite Index now sits just beneath the 3,510-point plateau and it may add to its winnings on Friday.

The global forecast for the Asian markets is cautiously optimistic, with support expected from airline, steel and financial stocks. The European markets were mixed and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The SCI finished modestly higher on Thursday following gains from the financial shares, property stocks and oil companies.

For the day, the index gained 16.63 points or 0.48 percent to finish at 3,509.68 after trading between 3,491.50 and 3,526.59. The Shenzhen Composite Index rose 5.51 points or 0.26 percent to end at 2,107.11.

Among the actives, Industrial and Commercial Bank of China soared 2.93 percent, while Bank of China collected 0.69 percent, Agricultural Bank of China jumped 1.77 percent, China Merchants Bank spiked 2.36 percent, Bank of Communications dipped 0.12 percent, China Life Insurance improved 0.78 percent, Jiangxi Copper added 0.65 percent, Aluminum Corp of China (Chalco) rallied 2.15 percent, Yankuang Energy climbed 1.14 percent, PetroChina advanced 0.93 percent, China Petroleum and Chemical (Sinopec) strengthened 1.41 percent, Huaneng Power sank 0.84 percent, China Shenhua Energy eased 0.11 percent, Gemdale surged 4.57 percent, Poly Developments accelerated 2.33 percent and China Vanke expanded 3.36 percent.

The lead from Wall Street suggests mild upside as the major averages opened lower on Thursday but gradually moved higher over the course of the day to end with small gains.

The Dow climbed 192.34 points or 0.43 percent to finish at 44,650.64, while the NASDAQ rose 19.33 points or 0.09 percent to close at 20,630.66 and the S&P 500 added 17.20 points or 0.27 percent to end at 6,280.46.

The higher close on Wall Street came despite ongoing uncertainty about President Donald Trump's trade policies as he continues to threaten higher tariffs on various sectors and countries.

On the economic front, the Labor Department said first-time claims for U.S. unemployment benefits unexpectedly edged lower last week.

Crude oil prices fell on Thursday amid concerns about a supply increase for August by OPEC, the huge crude stock inventory in the United States and intensifying U.S. tariff pressures. West Texas Intermediate crude for August delivery tumbled $1.81 to settle at $66.57 per barrel.