(RTTNews) - China's stock market rallied again on Thursday, a day after ending a two-day winning streak in which it had advanced more than a dozen points or 0.4 percent. The Shanghai Composite Index is now just above the 2,845 plateau and is expected to open in the green again on Friday.
The global forecast for Asian markets is optimistic with technology and oil companies expected to lead the way higher. European and US markets rose and Asian stocks are expected to follow suit.
The SCI closed slightly higher on Thursday following gains in real estate stocks and mixed performance from financial, energy and resources companies.
During the day, the index added 12.17 points or 0.43 percent to end at 2,845.78 after trading between 2,760.98 and 2,849.26. The Shenzhen Composite Index rose 3.76 points or 0.22 percent to close at 1,702.45.
Among assets, Industrial and Commercial Bank of China rose 0.21 percent, while Bank of China lost 0.50 percent, China Construction Bank lost 0.46 percent, China Merchants Bank raised 1.34 percent, Bank of Communications lost 0.17 percent, China Life Insurance advanced 0.93 percent, Jiangxi Copper fell 0.85 percent, Aluminum Corp of China (Chalco) fell 0. .56 percent, Yankuang Energy recovered 0.09 percent, PetroChina fell 0.14 percent, China Petroleum and Chemical (Sinopec) sank 0.93 percent, Huaneng Power fell 1.29 percent , China Shenhua Energy fell 0.21 percent. percent, Gemdale rallied 1.49 percent, Poly Developments jumped 1.96 percent and China Vanke gained 0.64 percent.
Wall Street's upside is positive, as the major averages opened mixed on Thursday, but all finished firmly in the green by the end of the day.
The Dow Jones advanced 201.94 points or 0.54 percent to finish at 37,468.61, while the NASDAQ rose 200.03 points or 1.35 percent to close at 15,055.65 and the S&P 500 gained 41.73. points or 0.88 percent to close at 4,780.94.
The rally on Wall Street came despite a continued rise in Treasury yields, which rose after the Labor Department noted an unexpected weekly decline in first-time claims for U.S. unemployment benefits.
Technology stocks helped lead the way higher on Wall Street, with Apple (AAPL) shares rising 3.3 percent after Bank of America upgraded its rating on the company's stock to Buy from Neutral.
A rally in semiconductor stocks also contributed to the NASDAQ's rise, as the Philadelphia Semiconductor Index rose 3.4 percent. Networking, hardware and software stocks also showed notable upward movements.
Oil prices rose on Thursday, boosted by data showing a drop in U.S. crude inventories last week and by higher forecasts for global demand. West Texas Intermediate crude oil futures for February rose $1.52 to $74.08 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.
