BEIJING (dpa-AFX) - The China stock market on Friday snapped the three-day slide in which it had fallen more than 50 points or 1.7 percent. The Shanghai Composite Index now rests just beneath the 2,960-point plateau and it's expected to add to its winnings on Monday.
The global forecast for the Asian markets is positive on better than expected employment data from the United States. The European and U.S. bourses were firmly higher Friday and the Asian markets are tipped to open in similar fashion.
The SCI finished modestly higher on Friday following gains from the financial shares and property stocks, while the oil and insurance companies were mixed.
For the day, the index climbed 29.14 points or 0.99 percent to finish at 2,958.20 after trading between 2,917.15 and 2,959.83. The Shenzhen Composite Index jumped 20.81 points or 1.29 percent to end at 1,637.00.
Among the actives, Industrial and Commercial Bank of China collected 0.51 percent, while China Minsheng Bank gathered 0.49 percent, China Construction Bank rose 0.14 percent, China Merchants Bank soared 3.10 percent, China Life Insurance shed 0.39 percent, Ping An Insurance accelerated 2.18 percent, PetroChina was up 0.17 percent, China Petroleum and Chemical (Sinopec) fell 0.20 percent, China Shenhua Energy lost 0.33 percent, Gemdale spiked 2.61 percent, Poly Developments surged 2.85 percent, China Vanke climbed 1.13 percent, CITIC Securities advanced 2.21 percent and Bank of China was unchanged.
The lead from Wall Street is upbeat as stocks moved sharply higher on Friday in reaction to better than expected U.S. jobs data.
The Dow added 301.13 points or 1.11 percent to finish at 27,347.36, while the NADAQ jumped 94.04 points or 1.13 percent to 8,386.40 and the S&P 500 rose 29.35 points or 0.97 percent to 3,066.91. For the week, the Dow rose 1.4 percent, the NASDAQ gained 1.7 percent and the S&P added 1.5 percent.
The rally on Wall Street came as stronger than expected U.S. jobs data mitigated concerns about the economic outlook. The Labor Department said non-farm payroll employment added 128,000 jobs in October, beating forecasts for 89,000 jobs.
Renewed optimism about a U.S.-China trade deal added to the positive sentiment on reports that said negotiators have reached consensus on principles.
Crude oil prices rose sharply on Friday as buoyant U.S. jobs data and solid Chinese manufacturing data helped ease concerns about energy demand outlook. West Texas Intermediate Crude oil futures for December ended up $2.02 or 3.7 percent at $56.20 a barrel.
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