BEIJING (dpa-AFX) - The China stock market has alternated between positive and negative finishes through the last four trading days since the end of the three-day winning streak in which it had improved almost 90 points or 2.8 percent. The Shanghai Composite Index now rests just beneath the 3,350-point plateau and it figures to turn lower again on Monday.
The global forecast for the Asian markets is flat to lower, with energy stocks likely to lead the way lower. The European and U.S. markets were mostly lower and the Asian bourses figure to follow that lead.
The SCI finished modestly higher on Fridy as gains from the financials and resource stocks were dented by weakness from the property sector.
For the day, the index added 14.24 points or 0.43 percent to finish at 3,346.72 after trading between 3,322.53 and 3,349.08. The Shenzhen Composite Index improved 15.18 points or 0.75 percent to end at 2,033.42.
Among the actives, Industrial and Commercial Bank of China added 0.43 percent, while China Construction Bank eased 0.11 percent, China Merchants Bank collected 0.77 percent, Agricultural Bank of China advanced 0.97 percent, China Life Insurance and Aluminum Corp of China (Chalco) rallied 1.32 percent, Jiangxi Copper improved 0.74 percent, Yankuang Energy fell 0.37 percent, PetroChina retreated 1.46 percent, Huaneng Power shed 0.47 percent, China Shenhua Energy perked 0.05 percent, Gemdale stumbled 2.42 percent, Poly Developments sank 0.871 percent, China Vanke tanked 2.01 percent and China Petroleum and Chemical (Sinopec) and Bank of China were unchanged.
The lead from Wall Street is weak as the major averages opened higher on Friday but couldn't hold the gains, finishing mixed and little changed.
The Dow dropped 165.32 points or 0.37 percent to finish at 44,546.08, while the NASDAQ added 81.17 points or 0.41 percent to close at 20,026.77 and the S&P 500 dipped 0.44 points or 0.01 percent to end at 6,114.63.
For the week, the NASDAQ surged 2.6 percent, the S&P 500 jumped 1.5 percent and the Dow advanced 0.6 percent.
The choppy trading on Wall Street came as traders expressed some uncertainty about the near-term outlook for the markets following Thursday's rally, which saw the S&P 500 jump near its record highs despite data showing a bigger than expected increase by producer prices.
Traders were also digesting a mixed batch of U.S. economic data, including a Commerce Department report showing retail sales slumped much more than expected in January. A separate report from the Federal Reserve showed industrial production rose by more than expected last month.
Oil prices drifted lower on Friday as supply concerns eased amid hopes of a peace deal between Russia and Ukraine and possibility of removal of sanctions on Russia. West Texas Intermediate Crude oil futures fell $0.55 or 0.77 percent at $70.74 a barrel. WTI futures gained 1.0 percent for the week.
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