BEIJING (dpa-AFX) - The China stock market bounced higher again on Friday, one session after it had ended the two-day winning streak in which it had advanced almost 90 points or 2.9 percent. The Shanghai Composite Index now rests just above the 3,270-point plateau and it's likely to be rangebound on Monday.
The global forecast for the Asian markets is likely all about inertia, since most of the European and U.S. markets were closed Friday for the long Easter weekend. Little movement is expected for the Asian bourses.
The SCI finished modestly higher on Friday following gains from the financials, properties and oil and insurance companies.
For the day, the index gained 20.60 points or 0.63 percent to finish at 3,270.80 after trading between 3,226.81 and 3,274.33.
Among the actives, Industrial and Commercial Bank of China added 0.67 percent, while Bank of China gained 0.75 percent, China Construction Bank collected 0.40 percent, China Merchants Bank climbed 1.41 percent, Ping An Insurance soared 3.20 percent, China Life Insurance surged 4.29 percent, PetroChina eased 0.13 percent, China Petroleum and Chemical (Sinopec) rose 0.34 percent, China Shenhua Energy jumped 1.44 percent, Gemdale advanced 0.69 percent, Poly Developments perked 1.43 percent, China Vanke accelerated 2.54 percent and CITIC Securities picked up 0.91 percent.
There are precious few catalysts for trade on Monday as the U.S. and most major European was closed for Good Friday. The European markets remain closed for Easter Monday as well, while Wall Street returns to action later today.
The geopolitical scene remained blissfully quiet and many traders are expected to remain away from their desks today, so the Asian markets are setting up for a quiet session.
In U.S. economic news, the Commerce Department reported an unexpected drop in new residential construction and building permits in March.
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