BEIJING (dpa-AFX) - The China stock market has finished lower in four straight sessions, tumbling more than 65 points or 1.9 percent along the way. The Shanghai Composite Index now rests just above the 3,380-point plateau and it may take further damage on Monday.
The global forecast for the Asian markets suggests mild consolidation, with ongoing concerns over tax reform offset by a bump in crude oil prices. The European and U.S. markets were down on Friday and the Asian bourses are expected to open in similar fashion.
The SCI finished modestly lower on Friday as losses from the properties were tempered by support from the financials and oil companies.
For the day, the index sank 16.34 points or 0.48 percent to finish at 3,382.91 after trading between 3,373.30 and 3,403.29.
Among the actives, Bank of China spiked 2.08 percent, while Industrial and Commercial Bank of China soared 3.08 percent, Agricultural Bank of China surged 2.52 percent, Vanke shed 0.14 percent, Gemdale jumped 1.73 percent, PetroChina added 0.50 percent, China Petroleum and Chemical (Sinopec) climbed 1.35 percent, China Life advanced 3.01 percent and Ping An Insurance perked 3.10 percent.
The lead from Wall Street is slightly negative as stocks were down Friday amid subdued selling pressure
The Dow slid 100.12 points or 0.43 percent to 23,358.24, while the NASDAQ lost 10.50 points or 0.15 percent to 6,782.79 and the S&P 500 fell 6.79 points or 0.26 percent to 2,578.85. For the week, the NASDAQ rose 0.5 percent, the Dow shed 0.3 percent and the S&P 500 fell 0.1 percent.
The weakness reflected lingering uncertainty about the outlook for Republican tax reform plans. The House approved its tax reform bill, but significant differences with the Senate version could hinder final passage of the legislation.
In economic news, the Commerce Department noted a bigger than expected jump in housing starts in October. Building permits also surged in October.
Oil prices showed a strong move to the upside on Friday, reversing weakness in the previous session. Crude oil for December delivery jumped $1.41 to $56.55 a barrel after dipping $0.19 to $55.14 a barrel on Thursday.
Copyright RTT News/dpa-AFX