BEIJING (dpa-AFX) - The China stock market has climbed higher in back-to-back sessions, collecting more than 40 points or 1.2 percent along the way. The Shanghai Composite Index now rests just beneath the 3,390-point plateau although the rally may stall on Friday.
The global forecast for the Asian markets is negative on continuing concerns over U.S. tariffs. The European and U.S. markets finished under water and the Asian markets are expected to open in similar fashion.
The SCI finished modestly higher on Thursday as gains from the financial shares, properties and oil companies were capped by weakness from the resource stocks.
For the day, the index rose 7.85 points or 0.23 percent to finish at 3,388.06 after trading between 3,353.57 and 3,388.78. The Shenzhen Composite Index slipped 5.49 points or 0.26 percent to end at 2,091.66.
Among the actives, Industrial and Commercial Bank of China improved 0.73 percent, while Bank of China gained 0.37 percent, China Construction Bank added 0.47 percent, China Merchants Bank rallied 2.17 percent, Agricultural Bank of China collected 0.78 percent, China Life Insurance jumped 1.58 percent, Jiangxi Copper dropped 0.94 percent, Aluminum Corp of China (Chalco) stumbled 2.43 percent, Yankuang Energy dipped 0.30 percent, PetroChina climbed 1.16 percent, China Petroleum and Chemical (Sinopec) advanced 0.86 percent, Huaneng Power rose 0.30 percent, China Shenhua Energy added 0.56 percent, Gemdale strengthened 1.46 percent, Poly Developments rallied 2.09 percent and China Vanke fell 0.38 percent.
The lead from Wall Street is grim as the major averages opened higher on Thursday but faded into the red as the day progressed, ending near session lows.
The Dow stumbled 193.62 points or 0.45 percent to finish at 43,239.50, while the NASDAQ plummeted 530 points or 2.78 percent to close at 18,544.42 and the S&P 500 dropped 94.49 points or 1.59 percent to end at 5,861.57.
Stocks initially benefited from earnings news from Nvidia (NVDA), which reported better than expected Q4 results and provided upbeat revenue guidance. But its shares subsequently tumbled by 8.5 percent as the AI darling and market leader also warned about increase global competition.
The sell-off on Wall Street also came as President Donald Trump said 25 percent tariffs on imports from Mexico and Canada will go into effect on March 4. Trump said an additional 10 percent tariff on imports from China will also be imposed, claiming without evidence that drugs are pouring into the U.S. from Mexico and Canada and that a large percentage of them are supplied by China.
In economic news, the Labor Department said first-time claims for U.S. unemployment benefits rose much more than expected last week. Also, the Commerce Department said durable goods orders surged more than expected in January.
Oil prices climbed higher on Thursday as the U.S. decision to revoke Chevron Corporation's license to operate in Venezuela raised supply concerns. West Texas Intermediate Crude oil futures for April closed higher by $1.73 or 2.52 percent at $70.35 a barrel.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
