BEIJING (dpa-AFX) - The China stock market has climbed higher in three straight sessions, gathering more than 20 points or 0.8 percent along the way. The Shanghai Composite Index now rests just above the 2,600-point plateau and it may extend its gains again on Monday.
The global forecast for the Asian markets is upbeat thanks to a resolution in the U.S. government shutdown and a jump in crude oil prices. The European and U.S. markets were up and the Asian markets are tipped to open in similar fashion.
The SCI finished modestly higher on Friday following gains from the financials, properties and insurance companies.
For the day, the index rose 10.03 points or 0.39 percent to finish at 2,601.72 after trading between 2,595.63 and 2,617.00. The Shenzhen Composite Index eased 2.33 points or 0.18 percent to end at 1,319.97.
Among the actives, China Merchants Bank accelerated 2.33 percent, while Industrial and Commercial Bank perked 1.10 percent, Bank of China collected 0.84 percent, China Construction Bank spiked 1.95 percent, China Life Insurance soared 2.06 percent, Ping An Insurance jumped 1.42 percent, China Shenhua Energy added 0.41 percent, Gemdale rose 1.10 percent, Poly Developments surged 3.02 percent, China Vanke was up 2.72 percent and PetroChina was unchanged.
The lead from Wall Street is positive as stocks moved higher on Friday, ending near their best closing levels in a month.
The Dow added 184.00 points or 0.75 percent to finish at 24,737.20, while the NASDAQ jumped 91.40 points or 1.29 percent to 7,164.86 and the S&P 500 rose 22.43 points or 0.85 percent to 2,664.76. For the week, the Dow and NASDAQ both added 0.1 percent and the S&P eased 0.2 percent.
The initial strength on Wall Street came after U.S. Treasury Secretary Steven Mnuchin said the U.S. and China are making progress in trade talks, and that he is looking forward to a meeting with Chinese Vice Premier Liu He this week.
Stocks extended their gains when Donald Trump announced an agreement to end the record-setting government shutdown. The bill does not include money for Trump's controversial border wall, which was the issue that led to the longest government shutdown in U.S. history.
Crude oil prices edged higher on Friday, with traders weighing reports about likely U.S. sanctions on Venezuela's crude exports against data showing an increase in U.S. crude stockpiles. Crude oil futures for March ended up $0.56 or 1.1 percent at $53.69 a barrel.
Closer to home, China will release December numbers for industrial profits later today; profits declined 1.8 percent on year in November.
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