(RTTNews) – The China stock market has climbed higher in four straight sessions, collecting almost 130 points or 3.7 percent along the way. The Shanghai Composite Index now sits just above the 3,330-point plateau and it’s tipped to open in the green again on Thursday.
The global forecast for the Asian markets is slightly positive, with stocks expected to remain rangebound and inch higher following Wednesday’s losses. The European markets were down and the U.S. markets were up and the Asian bourses figure to follow the latter lead.
The SCI finished modestly higher on Wednesday as gains from the oil companies were capped by weakness from the financials and properties.
For the day, the index gathered 12.27 points or 0.37 percent to finish at 3,333.16 after trading between 3,311.79 and 3,381.98. The Shenzhen Composite Index gained 18.73 points or 0.84 percent to end at 2,251.43.
Among the actives, Industrial and Commercial Bank of China fell 0.20 percent, while China Construction Bank shed 0.47 percent, China Merchants Bank skidded 1.09 percent, China Life Insurance tumbled 1.63 percent, Ping An Insurance dropped 1.03 percent, PetroChina soared 3.13 percent, China Petroleum and Chemical (Sinopec) climbed 1.49 percent, Baoshan Iron lost 0.39 percent, Gemdale retreated 1.14 percent, Poly Developments sank 0.42 percent, China Vanke was down 0.46 percent and Bank of China was unchanged.
The lead from Wall Street is positive as stocks fluctuated on Wednesday but ended mostly higher.
The Dow added 165.44 points or 0.62 percent to finish at 27,005.84, while the NASDAQ gained 25.76 points or 0.24 percent to end at 10,706.13 and the S&P 500 rose 18.72 points or 0.57 percent to close at 3,276.02.
The strength on Wall Street came as traders remain optimistic about the economic outlook despite the recent surge in new coronavirus cases.
Adding to the optimism, the National Association of Realtors released a report showing existing home sales rebounded at a record pace in June after three straight months of declines.
Buying interest was subdued for much of the session, however, as traders worried about rising tensions between the U.S. and China after the U.S. asked Beijing to close its diplomatic consulate in Houston within the next 72 hours.
Crude oil futures settled roughly flat Wednesday, recovering well from early lows as traders weighed demand and supply levels. West Texas Intermediate Crude oil futures for September ended down $0.02 at $41.90 a barrel.