BEIJING (dpa-AFX) - The China stock market rebounded on Friday, one session after it had snapped the three-day winning streak in which it had advanced almost 70 points or 2.5 percent. The Shanghai Composite Index now rests just above the 2,895-point plateau and it's predicted to add to its winnings on Monday.
The global forecast for the Asian markets is upbeat, thanks to expectations of easing Covid-19 restrictions and hopes for additional stimulus following weak U.S. employment data. The European and U.S. markets were up on Friday and the Asian bourses are expected to open in similar fashion.
The SCI finished modestly higher on Friday following gains from the financial shares, properties and oil and insurance companies.
For the day, the index gained 23.82 points or 0.83 percent to finish at 2,895.34 after trading between 2,879.20 and 2,903.80. The Shenzhen Composite Index climbed 20.96 points or 1.17 percent to end at 1,809.17.
Among the actives, Bank of China collected 0.58 percent, while China Construction Bank added 0.63 percent, China Merchants Bank climbed 1.51 percent, China Life Insurance jumped 1.53 percent, Ping An Insurance advanced 1.43 percent, PetroChina gained 0.45 percent, China Petroleum and Chemical (Sinopec) rose 0.23 percent, China Shenhua Energy increased 0.57 percent, Gemdale gathered 1.38 percent, Poly Developments perked 1.08 percent, China Vanke accelerated 1.12 percent and Industrial and Commercial Bank of China was unchanged.
The lead from Wall Street is firm as stocks opened sharply higher on Friday and extended gains as the session progressed.
The Dow soared 455.43 points or 1.91 percent to finish at 24,331.32, while the NASDAQ spiked 141.66 points or 1.58 percent to 9,121.32 and the S&P 500 jumped 48.61 points or 1.69 percent to end at 2,929.80. For the week, the Dow jumped 3.5 percent, the NASDAQ surged 6 percent and the S&P gained 2.6 percent.
The rally on Wall Street came even though the Labor Department reported a record nosedive in U.S. employment in April - although it still was not as bad as feared and may prompt further stimulus.
Crude oil prices moved sharply higher on Friday amid a slight improvement in demand for petroleum products. West Texas Intermediate Crude oil futures for June ended up $1.19 or 5.1 percent at $24.74 a barrel.
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