BEIJING (dpa-AFX) - The China stock market has finished higher in two straight sessions, advancing more than 60 points or 1.7 percent along the way. The Shanghai Composite Index now rests just beneath the 3,150-point plateau although it may run out of steam on Monday.
The global forecast for the Asian markets is flat to slightly higher, with support from oil stocks capped by weakness from tech shares. The European markets were slightly higher and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.
The SCI finished sharply higher on Friday following gains from the financials, energy companies and resource stocks, while the properties were soft.
For the day, the index spiked 49.60 points or 1.60 percent to finish at the daily high of 3,146.57 after trading as low as 3,107.09. The Shenzhen Composite Index jumped 30.97 points or 1.59 percent to end at 1,983.67.
Among the actives, Industrial and Commercial Bank of China collected 0.43 percent, while Bank of China rose 0.31 percent, China Construction Bank added 0.34 percent, China Merchants Bank surged 5.07 percent, Bank of Communications gained 0.61 percent, China Life Insurance strengthened 1.63 percent, Jiangxi Copper spiked 4.13 percent, Aluminum Corp of China (Chalco) skyrocketed 9.98 percent, Yankuang Energy soared 4.59 percent, PetroChina climbed 1.56 percent, China Petroleum and Chemical (Sinopec) advanced 0.70 percent, Huaneng Power jumped 1.65 percent, China Shenhua Energy rallied 4.46 percent, Gemdale tumbled 2.20 percent, Poly Developments dropped 0.87 percent, China Vanke retreated 1.82 percent, China Fortune Land declined 1.92 percent and Beijing Capital Development slumped 1.14 percent.
Wall Street offers little guidance as the major averages opened higher on Friday, quickly plummeted into the red before rallying to finish mixed and little changed.
The Dow added 8.77 points or 0.03 percent to finish at 31,261.90, while the NASDAQ fell 33.88 points or 0.30 percent to close at 11,354.62 and the S&P 500 rose 0.57 points or 0.01 percent to end at 3,901.36.
For the week, the NASDAQ dove 3.8 percent, the S&P sank 3 percent and the Dow lost 2.9 percent.
The extended volatility on Wall Street came as traders continued to debate when the markets will reach a bottom following recent weakness.
The S&P 500 was down more than 20 percent from January's record closing high, which is seen as signaling a bear market.
Crude oil futures settled higher on Friday, lifted by the proposed ban on Russian oil by the EU and the relaxation of Covid lockdowns in China. West Texas Intermediate Crude oil futures for July added $0.39 or 0.4 percent at $110.28 a barrel.
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