BEIJING (dpa-AFX) - The China stock market bounced higher again on Friday, one session after it had ended the three-day winning streak in which it had risen almost 80 points or 3.3 percent. The Shanghai Composite Index now rests just above the 2,800-point plateau and it's looking at another positive lead on Monday.
The global forecast for the Asian markets is firm on global trade hopes and a jump in crude oil prices. The European and U.S. markets were up and the Asian markets are tipped to follow suit.
The SCI finished sharply higher on Friday following gains from the financials, properties and securities.
For the day, the index soared 52.43 points or 1.91 percent to finish at the daily high of 2,804.23 after moving as low as 2,736.33. The Shenzhen Composite Index spiked 32.90 points or 2.28 percent to end at 1,477.25.
Among the actives, China Merchants Bank climbed 1.83 percent, while Industrial and Commercial Bank of China eased 0.18 percent, Bank of China collected 0.54 percent, China Construction Bank added 0.14 percent, China Life Insurance surged 6.18 percent, Ping An Insurance jumped 2.49 percent, PetroChina was up 0.66 percent, China Petroleum and Chemical (Sinopec) rose 0.17 percent, China Shenhua Energy retreated 1.26 percent, Gemdale perked 1.02 percent, Poly Developments gained 0.23 percent, China Vanke was up 0.07 percent and CITIC Securities skyrocketed 10.00 percent.
The lead from Wall Street is upbeat as stocks moved mostly higher on Friday, hitting their best closing levels in more than three months.
The Dow added 181.18 points or 0.70 percent to 26,031, while the NASDAQ gained 72.75 points or 0.91 percent to 7,527.54 and the S&P rose 17.79 points or 0.64 percent to 2,792.67. For the week, the Dow and the S&P both gained 0.6 percent and the NASDAQ rose 0.7 percent.
The strength on Wall Street came as traders expressed optimism about ongoing trade talks between the U.S. and China as Chinese negotiators extended their visit to Washington in an effort to build on the progress made during the talks.
Crude oil futures ended higher on Friday with traders betting that a positive outcome from U.S.-China trade discussions will result in increased demand for crude. West Texas Intermediate Crude oil futures for April ended up $0.30 or 0.5 percent at $57.26 a barrel, the best settlement since November 12.
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