BEIJING (dpa-AFX) - The losing streak has hit three sessions now for the China stock market, which has surrendered almost 30 points or 0.9 percent in that span. The Shanghai Composite Index now rests just above the 3,210-point plateau, although the market may stop the bleeding on Monday.
The global forecast for the Asian markets is mildly positive thanks to upbeat employment data from the United States, although the upside may be capped by concerns over interest rates and a plunge in the price of crude oil. The European markets were flat and the U.S. bourses were slightly higher, and the Asian markets figure to follow the latter lead.
The SCI finished slightly lower on Friday following losses from the oil companies and mixed performances from the financial shares and property stocks.
For the day, the index eased 3.99 points or 0.12 percent to finish at 3,212.76 after trading between 3,208.45 and 3,222.32. The Shenzhen Component Index added 0.29 percent to end at 10,451.01.
Among the actives, Agricultural Bank of China added 0.31 percent, while Bank of China shed 0.27 percent, Industrial and Commercial Bank of China collected 0.21 percent, Vanke gained 0.44 percent, Gemdale lost 0.66 percent, PetroChina fell 0.38 percent, China Petroleum and Chemical (Sinopec) skidded 1.61 percent, China Shenhua tumbled 1.20 percent and China Unicom picked up 0.39 percent.
The lead from Wall Street is upbeat as stocks fluctuated on Friday but finished positive thanks to solid jobs data.
The Dow was up 44.79 points or 0.2 percent to 20,902.98, while the NASDAQ climbed 22.92 points or 0.4 percent to 5,861.73 and the S&P rose 7.73 points or 0.3 percent to 2,372.60. For the week, the NASDAQ eased 0.2 percent and the Dow and the S&P 500 fell by 0.5 percent and 0.4 percent, respectively.
In economic news, the Labor Department noted much stronger than expected job growth in February, while the jobless rate eased to 4.7 percent from 4.8 percent.
But the data reinforced expectations of an increase in interest rates at this week's Federal Reserve meeting. The CME Group's FedWatch tool indicates a 93.0 probability of a quarter-point rate hike by the central bank.
Crude oil futures fell again Friday, extending steep weekly losses on demand concerns, a U.S. supply glut and a strong dollar. April West Texas Intermediate crude fell 79 cents or 1.6 percent to $48.49 a barrel, having plunged 9.1 percent last week.
Copyright RTT News/dpa-AFX
© 2017 AFX News
