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China Shares: Resistance Expected At 3,000 Points

The China stock market has climbed higher in consecutive trading days, advancing more than 20 points or 0.6 percent along the way. The Shanghai Composite Index now rests just shy of the 3,000-point plateau although investor may cash in on Friday.

The global forecast for the Asian markets is flat with a touch of upside on concerns over the outlook for interest rates. The European markets were slightly higher and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

The SCI finished modestly higher on Thursday following gains from the oil companies, weakness from the properties and a mixed picture from the financial sector.

For the day, the index advanced 13.62 points or 0.46 percent to finish at the daily high of 2,999.28 after moving as low as 2,975.40. The Shenzhen Composite Index jumped 17.02 points or 1.03 percent to end at 1,672.63.

Among the actives, Bank of China collected 0.28 percent, while China Merchants Bank dropped 0.83 percent, China Minsheng Bank perked 0.50 percent, China Life Insurance added 0.45 percent, Ping An Insurance shed 0.44 percent, PetroChina gained 0.32 percent, China Petroleum and Chemical (Sinopec) rose 0.39 percent, China Shenhua Energy fell 0.36 percent, Gemdale skidded 1.46 percent, Poly Developments fell 0.27 percent, China Vanke lost 0.78 percent, CITIC Securities advanced 0.68 percent and Industrial and Commercial Bank of China and China Construction Bank were unchanged.

The lead from Wall Street provides little clarity as stocks opened higher on Thursday before giving ground later in the day, ending mixed and roughly flat.

The Dow fell 52.29 points or 0.19 percent to 27,094, while the NASDAQ rose 5.49 points or 0.07 percent to 8,182.88 and the S&P 500 added 0.06 points to end at 3,000.79.

The lackluster close on Wall Street came amid continued uncertainty about the outlook for interest rates following the Federal Reserve's monetary policy announcement on Wednesday.

The Fed lowered interest rates by 25 basis points as expected but indicated officials are mixed about whether the central bank should cut rates again before the end of the year.

In economic news, the Labor Department noted a modest rebound in initial jobless claims last week, while the Philadelphia Federal Reserve saw a modest slowdown in the pace of growth in regional manufacturing activity in September.

Crude oil futures settled just marginally up on Thursday, despite moving up sharply early on in the session on continued geopolitical concerns. West Texas Intermediate crude oil futures for October ended up by 2 cents at $58.13 a barrel.

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