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dpa-AFX: China Bourse Likely To Remain Rangebound

| Quelle: dpa-AFX Analysen
BEIJING (dpa-AFX) - The China stock market has alternated between positive and negative finishes through the last six trading days since the end of the three-day slide in which it retreated almost 30 points or 1.5 percent. The Shanghai Composite Index closed just above the 2,040-point plateau, although now the market may track higher again on Friday. The global forecast for the Asian markets is flat to higher following a mixed batch of economic data from the United States. The European markets were largely unchanged, while the American bourses moved slightly to the upside - and the Asian markets are also expected to open in the green. The SCI finished modestly lower on Thursday as softness among the mining companies was tempered by support from the internet stocks. For the day, the index dipped 9.63 points or 0.47 percent to finish at 2,040.60 after trading between 2,039.24 and 2,057.08. The Shenzhen Composite Index dropped or 12.64 points or 1.2 percent to end at 1050.58. Among the actives, Yanzhou Coal dropped 3.8 percent, while Datong Coal lost 1.7 percent, China Coal shed 0.7 percent, Beijing Shougang tumbled 2.1 percent, Anshan Iron & Steel retreated 1.4 percent, Tianze Information spiked 4.8 percent and Hand Electronics Solutions surged 8.6 percent. The lead from Wall Street is positive as stocks moved higher on Thursday, offsetting the weakness in the previous session. The strength reflected a positive reaction to the mixed batch of economic data. The Dow rose 65.56 points or 0.4 percent to 16,698.74, while the NASDAQ climbed 22.87 points or 0.5 percent to 4,247.95 and the S&P 500 advanced 10.25 points or 0.5 percent to 1,920.03. The Labor Department reported a bigger than expected drop in initial jobless claims, which pulled back near a seven-year low of 298,000 set earlier this month. Meanwhile, revised data showed that GDP fell 1.0 percent in Q1 compared to the initial estimate for a 0.1 percent uptick. The data was largely viewed as old news, however, with traders generally expecting a rebound in activity in the second quarter. Also, the National Association of Realtors released a report showing that pending home sales increased for the second consecutive month in April, although pending sales rose by much less than economists had anticipated. Copyright RTT News/dpa-AFX
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