(RTTNews) - The China stock market has climbed higher in back-to-back sessions, gathering more than 50 points or 1.6 percent along the way. The Shanghai Composite Index now rests just above the 3,120-point plateau and it's looking at another strong start for Friday's trade.
The global forecast for the Asian markets is broadly positive, with support expected from the technology, retail, oil and airline stocks. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The SCI finished modestly higher on Thursday following gains from the property and resource stocks, while the financials were mixed.
For the day, the index improved 15.64 points or 0.50 percent to finish at 3,123.11 after trading between 3,079.48 and 3,133.28. The Shenzhen Composite Index added 10.25 points or 0.53 percent to end at 1,955.13.
Among the actives, Industrial and Commercial Bank of China dipped 0.21 percent, while Bank of China collected 0.31 percent, China Construction Bank added 0.50 percent, China Merchants Bank dropped 0.90 percent, Bank of Communications and China Life Insurance both gained 0.41 percent, Jiangxi Copper strengthened 1.18 percent, Aluminum Corp of China (Chalco) climbed 1.01 percent, Yankuang Energy surged 4.72 percent, PetroChina improved 0.75 percent, China Petroleum and Chemical (Sinopec) advanced 0.92 percent, Huaneng Power tumbled 1.78 percent, China Shenhua Energy increased 0.60 percent, Gemdale rallied 2.00 percent, Poly Developments jumped 1.29 percent, China Vanke gathered 0.93 percent, Beijing Capital Development perked 0.40 percent and China Fortune Land was unchanged.
The lead from Wall Street is upbeat as the major averages opened higher on Thursday and picked up steam ad the day progressed, finishing near session highs.
The Dow spiked 516.91 points or 1.61 percent to finish at 32,637.10, while the NASDAQ surged 305..91 points or 2.68 percent to end at 11,740.65 and the S&P 500 jumped 79.11 points or 1.99 percent to close at 4,057.84.
The strength on Wall Street came as traders continued to pick up stocks at relatively reduced levels following recent weakness.
Adding to the positive sentiment, the Labor Department reported that first-time claims for U.S. unemployment benefits pulled back by more than expected last week.
In other economic news, the Commerce Department said economic activity in the U.S. slumped slightly more than estimated in the first quarter of 2022. Also, the National Association of Realtors said pending home sales plummeted by much more than expected in April.
Crude oil prices rose sharply on Thursday amid increasing signs of tight supply in the market ahead of the peak U.S. driving season that kicks off next week. A weak dollar and the possibility of EU sanctions on Russian oil also contributed to the jump in oil prices. West Texas Intermediate Crude oil futures for July ended higher by $3.76 or 3.4 percent at $114.09 a barrel.
Closer to home, China will see April data for industrial profits later today; in March, profits were up 8.5 percent on year.
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