BEIJING (dpa-AFX) - The China stock market has finished higher in two straight sessions, collecting more than 15 points or 0.6 percent along the way. The Shanghai Composite Index now rests just above the 2,850-point plateau and it's set to open higher again on Monday.
The global forecast for the Asian markets is mildly positive, largely on optimism over trade. The European markets were down and the U.S. markets were mostly higher and the Asian bourses are tipped to follow the latter lead.
The SCI finished slightly higher as losses from the financials and properties weighed on the broader market.
For the day, the index gained 6.13 points or 0.22 percent to finish at 2,852.35 after trading between 2,829.63 and 2,855.38. The Shenzhen Composite Index climbed 16.81 points or 0.95 percent to end at 1,786.51.
Among the actives, Industrial and Commercial Bank of China dropped 0.97 percent, while Bank of China shed 0.58 percent, China Construction Bank lost 0.78 percent, China Merchants Bank skidded 1.17 percent, China Life Insurance tumbled 1.95 percent, Ping An Insurance sank 1.12 percent, PetroChina surrendered 0.93 percent, China Petroleum and Chemical (Sinopec) retreated 1.19 percent, China Shenhua Energy fell 0.36 percent, Gemdale declined 1.01 percent, Poly Developments plunged 2.11 percent, China Vanke plummeted 1.68 percent and Baoshan Iron was unchanged.
The lead from Wall Street is cautiously optimistic as stocks showed wild swings on Friday before eventually ending the session mostly higher.
The Dow eased 17.53 points or 0.07 percent to finish at 25,283.11, while the NASDAQ jumped 120.88 points or 1.29 percent to 9,489.88 and the S&P 500 rose 14.58 points or 0.48 percent to 3,044.31. For the holiday-shortened week, the Dow spiked 3.8 percent, the NASDAQ jumped 1.8 percent and the S&P soared 3 percent.
The major averages moved to the upside late in the session as traders reacted positively to President Donald Trump's highly anticipated press conference about China. Trump lashed out at China in his brief remarks, but traders seemed relieved that he did not announce new tariffs or a withdrawal from the phase one trade agreement.
Trump also revealed that he is terminating the U.S. relationship with the World Health Organization, claiming China has total control of the agency.
In economic news, the Commerce Department saw an unexpected and substantial increase in U.S. personal income in April, as well as a steep drop in personal spending due to the impact of the coronavirus-induced lockdown.
Crude oil prices moved higher on Friday, on hopes of a pickup in energy demand and expectations that major oil producers will extend output cuts beyond this month. West Texas Intermediate crude oil futures for July ended up $1.78 or 5.3 percent at $35.49 a barrel.
Closer to home, China will see May results for the manufacturing PMI from Caixin, with forecasts suggesting a score of 49.6 - up from 49.4 in April.
Copyright RTT News/dpa-AFX