February 8, 2023

Market and Financial News

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Soft Start Predicted For China Stock Market

2 min read

Ahead of Friday’s holiday for the Dragon Boat Festival, the China stock market had bounced higher again – one session after ending the five-day winning streak in which it had jumped more than 115 points or 3.8 percent. The Shanghai Composite Index now sits just above the 3,195-point plateau although it’s expected to open under pressure on Monday.

The global forecast for the Asian markets is soft on pessimism over the outlook for interest rates following a stronger than expected jobs report from the United States. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.

The SCI finished slightly higher on Thursday as strong gains from the technology stocks were offset by losses from the financials, properties and resource companies.

For the day, the index added 13.30 points or 0.42 percent to finish at 3,195.46 after trading between 3,163.76 and 3,197.28. The Shenzhen Composite Index improved 13.86 points or 0.69 percent to end at 2,026.51.

Among the actives, Hangzhou Digital soared 6.57 percent, while Puya Semiconductor skyrocketed 6.98 percent, Shanghai Awinic Technology surged 6.62 percent, Guoguang Electric spiked 4.52 percent, Industrial and Commercial Bank of China shed 0.43 percent, China Merchants Bank tumbled 1.94 percent, China Life Insurance collected 1.29 percent, Jiangxi Copper added 0.61 percent, Aluminum Corp of China (Chalco) rose 0.40 percent, Yankuang Energy plummeted 4.00 percent, PetroChina retreated 1.44 percent, China Petroleum and Chemical (Sinopec) increased 0.45 percent, Huaneng Power dipped 0.28 percent, China Shenhua Energy declined 1.78 percent, Gemdale slumped 1.59 percent, Poly Developments tanked 2.86 percent, China Vanke dropped 0.95 percent, China Fortune Land plunged 2.99 percent, Beijing Capital Development skidded 1.02 percent and Bank of China, China Construction Bank and Bank of Communications were unchanged.

The lead from Wall Street is broadly negative as the major averages opened…

2022-06-05 20:00:19

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