BEIJING (dpa-AFX) - The China stock market on Friday snapped the three-day losing streak in which it had stumbled more than 90 points or 2.5 percent. The Shanghai Composite Index now rests just beneath the 3,550-point plateau and it's expected to see further support on Monday.
The global forecast for the Asian markets is upbeat ahead of this week's FOMC meeting and supported by crude oil prices. The European markets were mixed and the U.S. bourses were up and the Asian markets are expected to follow the latter lead.
The SCI finished modestly higher on Friday following gains from the oil companies and mixed performances from the financials, properties and resource stocks.
For the day, the index advanced 28.92 points or 0.82 percent to finish at the daily high of 3,547.34 after moving as low as 3,502.80. The Shenzhen Composite Index jumped 37.79 points or 1.60 percent to end at 2,400.03.
Among the actives, China Construction Bank shed 0.67 percent, while China Merchants Bank fell 0.46 percent, Bank of Communications collected 0.22 percent, China Minsheng Bank was up 0.26 percent, China Life Insurance plummeted 6.58 percent, Ping An plunged 3.37 percent, Jiangxi Copper added 0.56 percent, Aluminum Corp of China (Chalco) slid 0.32 percent, Yanzhou Coal tanked 2.21 percent, PetroChina perked 0.55 percent, China Petroleum and Chemical (Sinopec) climbed 1.19 percent, China Shenhua Energy retreated 1.29 percent, Gemdale cratered 5.14 percent, Poly Developments tumbled 2.86 percent, China Vanke surrendered 4,81 percent, China Fortune Land spiked 3.08 percent, Beijing Capital Development jumped 1.24 percent and Industrial and Commercial Bank of China and Bank of China were unchanged.
The lead from Wall Street is positive as the major averages shook off a lower open on Friday, picking up steam as the session progressed and ending firmly in the green.
The Dow added 89.08 points or 0.25 percent to finish at 35,819.56, while the NASDAQ gained 50.27 points or 0.33 percent to close at 15,498.39 and the S&P 500 rose 8.96 points or 0.19 percent to end at 4,605.38. For the week, the NASDAQ surged 2.7 percent, the S&P gained 1.3 percent and the Dow was up 0.4 percent.
A negative reaction to quarterly results from tech giants Apple (AAPL) and Amazon (AMZN) contributed to the early weakness on Wall Street.
But selling pressure waned over the course of the session as traders were reluctant to make significant bets ahead of the Federal Reserve's monetary policy meeting this week. The Fed is likely to leave interest rates unchanged but could announce plans to begin scaling back its asset purchase program.
In economic news, the Commerce Department said personal income fell more than expected in September. Also, the University of Michigan said consumer sentiment in the U.S. deteriorated slightly less than initially estimated in October.
Crude oil futures settled higher on Friday on hopes that OPEC and allies will decide to keep supply levels tight. West Texas International Crude oil futures for December rose $0.76 or 0.9 percent at $83.57 a barrel; WTI Crude futures gained more than 11 percent in October.
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