(RTTNews) – The China stock market has moved higher in two straight sessions, gathering more than30 points or 0.8 percent along the way. The Shanghai Composite Index now sits just above the 3,610-point plateau and it’s expected to see additional support again on Friday.
The global forecast for the Asian markets is cautiously optimistic following encouraging inflation data from the United States. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The SCI finished modestly higher on Thursday as gains from the resource and energy companies were capped by weakness from the financials and properties.
For the day, the index gained 19.46 points or 0.54 percent to finish at 3,610.86 after trading between 3,584.13 and 3,624.34. The Shenzhen Composite Index climbed 26.04 points or 1.09 percent to end at 2,422.58.
Among the actives, Bank of China dropped 0.96 percent, while China Construction Bank fell 0.29 percent, China Merchants Bank shed 0.62 percent, Bank of Communications lost 0.61 percent, China Life Insurance tanked 2.59 percent, Jiangxi Copper added 0.50 percent, Aluminum Corp of China (Chalco) climbed 1.38 percent, Yanzhou Coal soared 3.46 percent, PetroChina surged 4.03 percent, China Petroleum and Chemical (Sinopec) jumped 1.78 percent, China Shenhua Energy improved 1.09 percent, Gemdale sank 0.65 percent, Poly Developments dipped 0.38 percent, China Vanke retreated 1.00 percent, China Fortune Land tumbled 1.91 percent and Industrial and Commercial Bank of China was unchanged.
The lead from Wall Street is positive as stocks opened higher on Thursday, tumbled shortly thereafter but rebounded to end in the green.
The Dow added 19.10 points or 0.06 percent to finish at 34,466.24, while the NASDAQ jumped 108.58 points or 0.78 percent to end at 14,020.33 and the SYP 500 rose 19.63 points or 0.47 percent to close at 4,239.18.
The higher close on Wall Street followed the release of a highly anticipated Labor Department report showing a bigger than expected increase in consumer prices in May.
Also, the Labor Department reported another modest decrease in first-time claims for unemployment benefits last week.
Crude oil futures moved higher on Thursday amid optimism energy demand will pick up gradually following an Energy Information Administration (EIA) report that showed a big drop in U.S. crude stockpiles last week. West Texas Intermediate Crude oil futures for July ended up by $0.33 or 0.5 percent at $70.29 a barrel.
Closer to home, China will release May numbers for vehicle sales later today; in April, sales were up 8.6 percent on year.