The China stock market has climbed higher in five consecutive trading days, collecting almost 110 points or 3.4 percent along the way. The Shanghai Composite Index now rests just above the 3,385-point plateau and it may extend its winning streak on Friday.
The global forecast for the Asian markets is upbeat thanks to optimism ahead of today's job report from the United States, plus another bump in crude oil prices. The European and U.S. markets were up and the Asian bourses are expected to follow suit.
The SCI finished modestly higher on Thursday as gains from the oil and property stocks were capped by weakness from the financials and insurance companies.
For the day, the index advanced 16.60 points or 0.49 percent to finish at 3,385.71 after trading between 3,365.30 and 3,392.83. The Shenzhen Composite Index added 6.96 points or 0.36 percent to end at 1,940.96.
Among the actives, Industrial and Commercial Bank of China tumbled 1.46 percent, while Bank of Communications eased 0.16 percent, Agricultural Bank of China shed 0.26 percent, Bank of China was unchanged, China Life lost 0.69 percent, Ping An Insurance collected 0.30 percent, PetroChina soared 3.39 percent, China Petroleum and Chemical (Sinopec) surged 6.65 percent, Vanke spiked 2.44 percent and Gemdale gained 0.66 percent.
The lead from Wall Street is positive as stocks opened in the green on Thursday and stayed that way, allowing the major averages to again hit to fresh record closing highs.
The Dow climbed 152.45 points or 0.61 percent to 25,075.13, while the NASDAQ edged up 12.38 points or 0.18 percent to 7,077.91 and the S&P 500 rose 10.93 points or 0.40 percent to 2,723.99.
Early buying interest was generated when payroll processor ADP said private sector employment jumped more than expected in December. But then the Labor Department said initial jobless claims unexpectedly inched higher in the week ended December 30th.
Later today, the Labor Department is due to release its more closely watched monthly employment report for December.
Crude oil futures rose further Thursday as data confirmed another significant drop in U.S. oil inventories. February WTI oil climbed 38 cents or 0.6 percent to $62.01/bbl on Nymex, the highest in more than three years.
by RTT Staff Writer
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