BEIJING (dpa-AFX) - The China stock market saw renewed consolidation on Friday, one day after ending the two-day slide in which it had fallen more than 55 points or 1.7 percent. The Shanghai Composite now sits just above the 3,270-point plateau although it's open higher again on Monday.
The global forecast for the Asian markets is positive on solid earnings news and renewed optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow suit.
The SCI finished slightly lower on Friday following mixed performances from the property and energy companies, while the financials offered support.
For the day, the index fell 7.81 points or 0.24 percent to finish at 3,272.01 after trading between 3,258.73 and 3,305.32. The Shenzhen Composite Index plunged 45.92 points or 2.31 percent to end at 1,945.84.
Among the actives, Industrial and Commercial Bank of China jumped 1.82 percent, while China Construction Bank strengthened 1.64 percent, China Merchants Bank rallied 1.74 percent, Agricultural Bank of China climbed 1.06 percent, China Life Insurance collected 1.60 percent, Jiangxi Copper surged 4.69 percent, Aluminum Corp of China (Chalco) soared 4.06 percent, Yankuang Energy advanced 0.91 percent, PetroChina spiked 2.47 percent, China Petroleum and Chemical (Sinopec) improved 1.62 percent, Huaneng Power dropped 0.83 percent, China Shenhua Energy accelerated 2.57 percent, Gemdale perked 0.16 percent, Poly Developments increased 1.30 percent and China Vanke tumbled 1.83 percent.
The lead from Wall Street is upbeat as the major averages opened higher on Friday and remained in the green throughout the trading day.
The Dow jumped 288.73 points or 0.69 percent to finish at 42,052.19, while the NASDAQ added 144.77 points of 0.80 percent to end at 18,239.92 and the S&P 500 rose 23.35 points or 0.41 percent to close at 5,728.80.
For the week, the Dow eased 0.2 percent, the S&P slumped 1.4 percent and the NASDAQ stumbled 1.5 percent.
The strength on Wall Street reflected a positive reaction to upbeat earnings news from big-name companies like Intel (INTC) and Amazon (AMZN).
Traders also digested the Labor Department's closely watched jobs report, which showed weaker than expected job growth in October. The data raised some concerns about the strength of the economy, but the report also led to renewed optimism about the outlook for interest rates.
Oil futures settled modestly higher on Friday amid concerns about tensions in the Middle East after a report said Iran is planning further attacks on Israel. West Texas Intermediate Crude oil futures for December ended higher by $0.23 or 0.33 percent at $69.49 a barrel.
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