China Stock Market Tipped To Open In The Green

(RTTNews) - The China stock market has alternated between positive and negative finishes through the last four trading days since the end of the five-day losing streak in which it had surrendered almost 100 points or 2.8 percent. The Shanghai Composite Index now sits just above the 3,225-point plateau although it's predicted to make back those losses on Friday.

The global forecast for the Asian markets is upbeat on easing concerns over the ability of financial markets. The European and U.S. markets were sharply higher and the Asian bourses are expected to follow that lead.

The SCI finished sharply lower on Thursday following losses from the resource stocks and properties, while the financials and energy companies were mixed.

For the day, the index slumped 36.42 points or 1.12 percent to finish at 3,226.89 after trading between 3,224.72 and 3,257.43. The Shenzhen Composite Index retreated 31.78 points or 1.53 percent to end at 2,049.48.

Among the actives, Industrial and Commercial Bank of China strengthened 1.35 percent, while Bank of China spiked 2.95 percent, China Construction Bank collected 0.67 percent, China Merchants Bank shed 0.66 percent, China Life Insurance declined 1.78 percent, Jiangxi Copper plunged 4.66 percent, Aluminum Corp of China (Chalco) plummeted 5.94 percent, Yankuang Energy tanked 4.03 percent, PetroChina tumbled 3.01 percent, China Petroleum and Chemical (Sinopec) retreated 1.45 percent, Huaneng Power advanced 0.90 percent, China Shenhua Energy surrendered 2.77 percent, Gemdale slumped 1.37 percent, Poly Developments eased 0.14 percent, China Vanke lost 0.69 percent, China Fortune Land sank 0.78 percent, Beijing Capital Development dropped 1.04 percent and Bank of Communications was unchanged.

The lead from Wall Street is broadly positive as the major averages quickly shook off a soft start on Thursday and accelerated firmly into positive territory, finishing near session highs.

The Dow surged 371.98 points or 1,17 percent to finish at 32,246.55, while the NASDAQ rallied 283.22 points or 2.48 percent to end at 11,717.28 and the S&P 500 jumped68.35 points or 1.76 percent to close at 3,960.28.

Stocks rallied following news that 11 banks including JPMorgan Chase (JPM) and Morgan Stanley (MS) have pledged $30 billion to support First Republic Bank (FRC) to shore up the beleaguered lender.

News that Credit Suisse will borrow up to $54 billion from the Swiss central bank to shore up liquidity and investor confidence also helped ease recent concerns about turmoil in the banking sector.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits pulled back more than expected last week. Also, the Labor Department reported that import prices edged slightly lower in February.

Crude oil prices climbed higher Thursday on reports that Saudi Arabia's energy minister and Russia's deputy prime minister met to discuss about ways to enhance market stability. West Texas Intermediate Crude oil futures for April climbed $0.74 or 1.1 percent at $68.35 a barrel.