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China Stock Market May Open Under Pressure


(RTTNews) – The China stock market has climbed higher in four straight sessions, rising more than 65 points or 1.9 percent along the way. The Shanghai Composite Index now sits just shy of the 3,565-point plateau although it may open in the red on Thursday.

The global forecast for the Asian markets is mixed and flat ahead of key U.S. employment data at the end of the week, while support from crude oil prices may nudge markets into the green. The European and U.S. markets were mixed and little changed and the Asian bourses figure to follow suit.

The SCI finished modestly higher on Wednesday as gains from the financials and properties were dented by weakness from the resource stocks.

For the day, the index added 23.16 points or 0.65 percent to finish at 3,567.10 after trading between 3,514.67 and 3,582.32. The Shenzhen Composite Index fell 11.97 points or 0.49 percent to end at 2,417.89.

Among the actives, Industrial and Commercial Bank of China climbed 1.30 percent, while Bank of China collected 0.99 percent, China Construction Bank jumped 1.71 percent, China Merchants Bank spiked 3.74 percent, Bank of Communications advanced 1.13 percent, China Life Insurance surged 6.87 percent, Jiangxi Copper plummeted 6.26 percent, Aluminum Corp of China (Chalco) plunged 4.10 percent, Yanzhou Coal retreated 1.37 percent, PetroChina eased 0.20 percent, China Petroleum and Chemical (Sinopec) rose 0.23 percent, Anhui Conch Cement skyrocketed 8.01 percent, China Shenhua Energy tanked 2.35 percent, Gemdale soared 9.96 percent, Poly Developments accelerated 6.58 percent, China Vanke strengthened 5.15 percent and China Fortune Land improved 5.80 percent.

The lead from Wall Street is inconsistent as the major averages opened higher on Wednesday, although the Dow quickly slipped into negative territory and finished in the red.

The Dow shed 48.20 points or 0.14 percent to finish at 35,312.53, while the NASDAQ gained 50.15 points or 0.33 percent to close at a record 15,309.38 and the S&P 500 rose 1.41 points or 0.03 percent to end at 4,524.09.

The lackluster close on Wall Street came as traders continued to look ahead to the release of the Labor Department’s closely watched monthly jobs report on Friday.

Economists currently expect employment to jump by 750,000 jobs in August after surging by 943,000 jobs in July. The unemployment rate is expected to dip to 5.2 percent from 5.4 percent.

In economic news, payroll processor ADP noted weaker than expected private sector job growth in August. And the Institute for Supply Management said U.S. manufacturing activity unexpectedly grew at a slightly faster rate in August.

Crude oil futures settled marginally higher on Wednesday after data showed a drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for October ended up $0.09 or 0.1 percent at $68.59 a barrel.

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