(RTTNews) – The China stock market has finished higher in five straight sessions, rising more than 95 points or 2.8 percent along the way. The Shanghai Composite Index now sits just shy of the 3,600-point plateau although it may crack that barrier on Friday.
The global forecast for the Asian markets is cautiously optimistic, nudged into the green on rising crude oil prices ahead of key U.S. employment data later today. The European and U.S. markets saw mild gains and the Asian bourses are tipped to open in similar fashion.
The SCI finished modestly higher on Thursday following gains from the resource, energy and property stocks.
For the day, the index gathered 29.94 points or 0.84 percent to finish at 3,597.04 after trading between 3,557.68 and 3,597.37. The Shenzhen Composite Index gained 9.88 points or 0.41 percent to end at 2,427.77.
Among the actives, Industrial and Commercial Bank of China rose 0.21 percent, while Bank of China fell 0.33 percent, China Construction Bank collected 0.17 percent, China Merchants Bank jumped 1.59 percent, China Life Insurance added 0.36 percent, Jiangxi Copper rallied 3.42 percent, Aluminum Corp of China (Chalco) soared 5.35 percent, Yanzhou Coal surged 6.43 percent, PetroChina gained 0.61 percent, China Petroleum and Chemical (Sinopec) advanced 0.94 percent, Huaneng Power International skyrocketed 9.93 percent, China Shenhua Energy spiked 2.97 percent, Gemdale accelerated 3.22 percent, Poly Developments perked 2.39 percent, China Vanke climbed 1.83 percent, China Fortune Land was up 1.00 percent and Bank of Communications was unchanged.
The lead from Wall Street is upbeat as the major averages opened higher on Thursday; they gave ground as the session progressed but still finished in the green.
The Dow jumped 131.29 points or 0.37 percent to finish at 35,443.82, while the NASDAQ gained 21.80 points or 0.14 percent to close at 15,331.18 and the S&P 500 rose 12.86 points or 0.28 percent to end at 4,536.95.
The modest strength on Wall Street followed the release of a Labor Department report showing a modest decrease in first-time claims for U.S. unemployment benefits last week.
The weekly jobless claims data came a day ahead of the release of the Labor Department’s more closely watched monthly jobs report. Trading activity was subdued ahead of the release of the monthly jobs report, which could impact the outlook for monetary policy.
Fed officials have indicated inflation has reached their target but they need to see further improvement in the labor market before they begin tapering asset purchases and raising interest rates.
Crude oil prices rose sharply Thursday to a one-month closing high amid optimism about a strong global economic recovery and increased demand for oil. West Texas Intermediate Crude oil futures for October ended up $1.40 or 2 percent at $69.99 a barrel, the highest settlement since August 3.
Closer to home, China will see August results for the services and composite PMIs from Caixin later today; in July, their scores were 54.9 and 53.1, respectively.