The China stock market has moved higher in four straight trading days, advancing almost 100 points or 3 percent along the way. The Shanghai Composite Index now sits just above the 3,320-point plateau and it's called higher again on Friday.
The global forecast for the Asian markets is broadly positive as the contentious election in the United States remains unsettled. The European and U.S. bourses were sharply higher and the Asian markets are tipped to open in similar fashion.
The SCI finished sharply higher on Thursday following gains from the properties and energy producers, while the financials and insurance stocks were mixed.
For the day, the index jumped 42.69 points or 1.30 percent to finish at 3,320.13 after trading between 3,291.60 and 3,320.41. The Shenzhen Composite Index spiked 37.74 points or 1.7 percent to end at 2,299.87.
Among the actives, China Construction Bank rose 0.16 percent, while China Merchants Bank fell 0.33 percent, China Minsheng Bank added 0.39 percent, Bank of Communications collected 0.44 percent, China Life Insurance skidded 1.59 percent, Ping An Insurance jumped 1.81 percent, PetroChina rose 0.24 percent, China Petroleum and Chemical (Sinopec) advanced 0.76 percent, China Shenhua Energy gained 0.64 percent, Gemdale soared 3.60 percent, Poly Developments rallied 2.45 percent, China Vanke surged 3.87 percent, China Fortune Land climbed 0.93 percent and Industrial and Commercial Bank of China and Bank of China were unchanged.
The lead from Wall Street continues to be form as stocks opened sharply higher on Thursday and stayed that way, extending gains from the previous two sessions.
The Dow soared 542.52 points or 1.95 percent to finish at 28,390.18, while the NASDAQ surged 300.15 points or 2.59 percent to end at 11,890.93 and the S&P 500 jumped 67.01 points or 1.95 percent to close at 3,510.45.
The continued strength on Wall Street came as traders kept an eye on the latest news regarding the presidential election. Democratic nominee Joe Biden currently seems poised to unseat President Donald Trump, although Democrats are not expected to take control of the Senate.
Meanwhile, the members of the Federal Reserve decided to keep the target range for the federal funds rate at 0 to 0.25 percent, as widely expected. The accompanying statement said the Fed expects rates to remain unchanged until labor market reaches levels consistent with the central bank's assessments of maximum employment.
In U.S. economic news, the Labor Department reported a modest decrease in first-time claims for U.S. unemployment benefits last week; later today, the Labor Department will release its more closely watched report on employment in October.
Crude oil prices drifted lower Thursday, snapping a three-day winning streak as rising coronavirus cases and the delay in outcome of the U.S. Presidential election weighed on the commodity. West Texas Intermediate Crude oil futures for December settled with a loss of $0.36 or 0.9 percent at $38.79 a barrel.
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