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China Stock Market Has Flat Lead For Thursday

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The China stock market on Wednesday ended the three-day losing streak in which it had tumbled almost 85 points or 2.5 percent. The Shanghai Composite Index now rests just above the 3,415-point plateau and it's looking at a steady start on Thursday.

The global forecast is murky, with support from crude oil prices offset by weakness from technology stocks. The European and U.S. markets were mixed and the Asian bourses figure to follow suit.

The SCI finished modestly higher on Wednesday as gains from the properties and resource stocks were capped by weakness from the financial sector.

For the day, the index collected 20.25 points or 0.60 percent to finish at 3,416.72 after trading between 3,392.98 and 3,420.03. The Shenzhen Composite Index climbed 30.91 points or 1.41 percent to end at 2,218.48.

Among the actives, Industrial and Commercial Bank of China skidded 1.09 percent, while China Construction Bank retreated 1.36 percent, China Merchants Bank declined 1.23 percent, Bank of Communications dropped 0.82 percent, China Minsheng Bank slid 0.40 percent, China Life Insurance eased 0.07 percent, Jiangxi Copper advanced 0.85 percent, Aluminum Corp of China (Chalco) gained 0.72 percent, Yanzhou Coal jumped 1.81 percent, China Petroleum and Chemical (Sinopec) added 0.66 percent, China Shenhua Energy climbed 1.09 percent, Gemdale rose 0.26 percent, Poly Developments was up 0.07 percent, China Vanke spiked 1.66 percent, China Fortune Land sank 0.61 percent and Bank of China and PetroChina were unchanged.

The lead from Wall Street provides little clarity as stocks opened higher on Wednesday but turned lower as the day progressed, eventually finishing mixed.

The Dow added 53.62 points or 0.16 percent to finish at 33,730.89, while the NASDAQ tumbled 138.26 points or 0.99 percent to end at 13,857.84 and the S&P 500 fell 16.93 points or 0.41 percent to close at 4,124.66.

The weakness that emerged in the broader markets seemed to coincide with a downturn by shares of Coinbase (COIN), which spiked early but then pulled back well below its debut price. The cryptocurrency exchange's direct listing on the NASDAQ was closely watched by investors and described as a watershed moment for the industry.

Traders also kept an eye on remarks by Federal Reserve Chair Jerome Powell, who told the Economic Club of Washington the central bank is likely to scale back its asset purchase program well before raising interest rates.

In economic news, the Fed released its Beige Book, which noted economic activity in the U.S. accelerated to a moderate pace from late February to early April. Also, the Labor Department noted another strong increase by import prices in March.

Crude oil futures spiked on Wednesday, buoyed by an upward revision in the global oil demand forecast by the International Energy Agency. West Texas Intermediate Crude oil futures for May jumped $2.97 or 4.9 percent at $63.15 a barrel, the highest settlement in four weeks.

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