Winning Streak May Continue for Chinese Stock Market

(RTTNews) – China’s stock market has advanced in three consecutive sessions, collecting more than 35 points or 1 percent along the way. The Shanghai Composite is now just above the 3,370 point plateau and could extend its gains on Friday.

Global forecasts for Asian markets are optimistic thanks to strong results and support from crude oil. European and American markets finished higher and Asian stock markets are expected to continue this trend.

The SCI finished slightly higher on Thursday as gains in resources and energy companies were offset by weakness in financial and real estate stocks.

For the day, the index gained 2.41 points or 0.07 percent to end at 3,370.40 after trading between 3,348.86 and 3,378.52. The Shenzhen Composite Index rose 1.35 points or 0.07 percent to end at 2,039.01.

Among assets, Industrial and Commercial Bank of China and China Petroleum and Chemical (Sinopec) both fell 0.16 percent, while China Merchants Bank and China Construction Bank both fell 0. .13 percent, China Life Insurance gained 0.48 percent, Jiangxi Copper rose 0.05 percent, Aluminum. Corp of China (Chalco) rose 0.25 percent, Yankuang Energy gained 0.26 percent, PetroChina fell 0.25 percent, Huaneng Power added 0.42 percent, China Shenhua Energy rose by 0.37 percent, Gemdale stumbled 1.48 percent, Poly Developments fell 0.89 percent, China Vanke fell 0.91 percent and the Bank of China and the Agricultural Bank of China remained unchanged.

Wall Street’s lead is positive since the main averages opened slightly lower on Thursday, but gradually increased and finished in the green.

The Dow rose 461.88 points or 1.06 percent to end at 43,870.35, while the NASDAQ rose 6.28 points or 0.03 percent to close at 18,972.42 and the S&P 500 advanced 31.60 points or 0.53 percent to finish at 5,948.71.

The Dow’s sharp rise came amid strong gains in IBM Corp. (IBM), Sherwin-Williams (SHW) and Salesforce (CRM).

The NASDAQ showed a lack of direction as traders tracked the performance of AI darling Nvidia (NVDA), which reported better-than-expected third-quarter earnings and revenue – but some traders expressed concerns about the slowdown in revenue growth.

In U.S. economic news, the Labor Department said last week that initial jobless claims unexpectedly fell to their lowest level in more than six months. Additionally, the Conference Board’s leading economic index fell more than expected in October.

Oil prices climbed Thursday as escalating geopolitical tensions due to the ongoing war between Russia and Ukraine offset recent data showing robust supply in the market. West Texas Intermediate crude oil futures for December closed up $1.35 or 1.96 percent at $70.10 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.