(RTTNews) – The China stock market has climbed higher in three straight sessions, advancing almost 100 points or 3.1 percent along the way. The Shanghai Composite Index now sits just above the 3,295-point plateau and it’s called higher again on Thursday.
The global forecast for the Asian markets is upbeat on solid earnings news and economic data. The European markets were mixed and the U.S. bourses moved higher and the Asian markets are expected to follow the latter lead.
The SCI finished sharply higher on Wednesday following gains from the financials, properties and oil and insurance companies.
For the day, the index spiked 66.59 points or 2.06 percent to finish at the daily high of 3,294.55 after trading as low as 3,209.99. The Shenzhen Composite Index soared 63.11 points or 2.90 percent to end at 2,236.95.
Among the actives, Industrial and Commercial Bank of China collected 0.80 percent, while Bank of China climbed 1.20 percent, China Construction Bank advanced 0.99 percent, China Merchants Bank jumped 1.42 percent, China Life Insurance soared 5.24 percent, Ping An Insurance perked 1.20 percent, PetroChina added 0.67 percent, China Petroleum and Chemical (Sinopec) rose 0.25 percent, China Shenhua Energy gained 0.45 percent, Gemdale gathered 0.94 percent, Poly Developments was up 0.64 percent and China Vanke rallied 0.89 percent.
The lead from Wall Street is positive as stocks opened higher on Wednesday and picked up steam as the day progressed.
The Dow added 160.29 points or 0.61 percent to finish at 26,539.57, while the NASDAQ spiked 140.85 points or 1.35 percent to end at 10,542.94 and the S&P 500 rose 40.00 points or 1.24 percent to close at 3,258.44.
Early buying interest was partly generated by the latest batch of earnings news, with a number of big-name companies reporting better than expected quarterly results including Advanced Micro Devices (AMD) and C.H. Robinson (CHRW).
The strength on Wall Street also reflected a report from the National Association of Realtors showing another significant increase in pending home sales in June.
Stocks saw continued strength after the Federal Reserve announced its widely expected decision to leave interest rates at near-zero levels amid the economic hardship imposed by the coronavirus pandemic.
Crude oil prices moved higher on Wednesday after data showed a larger than expected decline in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for September ended up $0.23 or 0.6 percent at $41.27 a barrel.