(RTTNews) – The China stock market has ticked higher in two straight sessions, adding almost 10 points or 0.4 percent along the way. The Shanghai Composite Index now rests just above the 2,725-point plateau although it figures to open under pressure on Thursday.
The global forecast for the Asian markets is broadly negative thanks to growing concerns over growth, trade and interest rates. The European and U.S. markets were firmly in the red and the Asian bourses are expected to open in similar fashion.
The SCI finished slightly higher on Wednesday following gains from the resource stocks and mixed performances from the financial shares and properties.
For the day, the index collected 4.83 points or 0.18 percent to finish at 2,725.84 after trading between 2,703.06 and 2,743.55. The Shenzhen Composite Index eased 2.04 points or 0.15 percent to end at 1,383.05.
Among the actives, Bank of China added 0.28 percent, while Industrial and Commercial Bank of China collected 0.36 percent, China Construction Bank advanced 0.58 percent, China Merchants Bank gained 0.68 percent, China Life Insurance eased 0.05 percent, China Petroleum and Chemical (Sinopec) perked 0.15 percent, PetroChina climbed 1.19 percent, China Shenhua Energy spiked 2.78 percent, Gemdale gathered 0.46 percent, Poly Real Estate jumped 1.16 percent, China Vanke shed 0.32 percent, Jiangxi Copper soared 1.40 percent and Yanzhou Coal surged 1.81 percent.
The lead from Wall Street is brutal as stocks saw substantial weakness on Wednesday, with the tech-heavy NASDAQ tumbling to a three-month closing low.
The Dow shed 831.83 points or 3.15 percent to 25,598.74, while the NASDAQ plunged 315.97 points or 4.08 percent to 7,422.05 and the S&P tumbled 94.66 points or 3.29 percent to 2,785.68.
Technology stocks led the way lower on Wall Street, with Netflix (NFLX), Amazon (AMZN), Apple (AAPL) and Facebook (FB) all posting significant losses on the day.
The sell-off came amid lingering concerns about the outlook for interest rates following a recent increase in treasury yields. Treasury yields moved higher after the Labor Department reported a rebound in producer prices in September.
The Federal Reserve raised interest rates by a quarter point to 2 to 2.25 percent last month, marking the third rate hike this year. The Fed’s projections point to one more increase in rates this year and three rate hikes next year.
Crude oil prices drifted lower on Wednesday, amid prospects of a drop in crude demand due to weak global economic growth outlook. Crude oil futures for November ended down $1.79 or 2.4 percent at $73.17 a barrel.