Precise Investors

Sunday, January 29, 2023
Stocks & Shares

China stock market bounces higher again

China stock market

The index added 0.47 percent to close at 3,583.09, while the Shenzhen Composite Index climbed 1.43 percent to finish at 2,412.56

The China stock market bounced higher again on Wednesday, one day after snapping the two-day winning streak in which it had gathered more than 30 points or 0.8 percent. The Shanghai Composite Index sits just above the 3,580-point plateau and it’s expected to move higher again on Thursday.

The global forecast for the Asian markets is upbeat on optimism following the inauguration of former Vice President Joe Biden as the 46th President of the United States. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The SCI finished modestly higher on Wednesday as gains from the energy producers were mitigated by weakness from the financials and properties.

For the day, the index gained 16.71 points or 0.47 percent to finish at 3,583.09 after trading between 3,556.44 and 3,589.96. The Shenzhen Composite Index jumped 33.90 points or 1.43 percent to end at 2,412.56.

Among the actives, Industrial and Commercial Bank of China dropped 0.96 percent, while Bank of China shed 0.62 percent, China Construction Bank tanked 2.45 percent, China Merchants Bank fell 0.25 percent, Bank of Communications skidded 1.09 percent, China Life Insurance surrendered 2.32 percent, Jiangxi Copper soared 2.40 percent, Aluminum Corp of China (Chalco) jumped 1.73 percent, Yanzhou Coal retreated 1.38 percent, PetroChina rose 0.23 percent, China Petroleum and Chemical (Sinopec) lost 0.24 percent, China Shenhua Energy gained 0.37 percent, Gemdale plunged 2.45 percent, Poly Developments plummeted 2.61 percent and China Vanke declined 2.49 percent.

The lead from Wall Street is broadly positive as stocks opened higher and picked up steam as the day progressed, sending the major averages to fresh record closing highs.

The Dow spiked 257.86 points or 0.83 percent to finish at 31,188.38, while the NASDAQ surged 260.07 points or 1.97 percent to end at 13,457.25 and the S&P 500 jumped 52.94 points or 1.39 percent to close at 3,851.85.


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