BEIJING (dpa-AFX) - The China stock market has moved higher in three straight sessions, advancing more than 65 points or 1.6 percent along the way. The Shanghai Composite Index now sits just above the 3,890-point plateau and it has a solid lead for Monday's trade.
The global forecast for the Asian markets is positive, with technology and oil stocks expected to lead the markets higher. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.
The SCI finished modestly higher on Friday as gains from the resource and property stocks were capped by weakness from the financial and oil companies.
For the day, the index added 14.08 points or 0.36 percent to finish at 3,890.45 after trading between 3,871.78 and 3,902.67. The Shenzhen Composite Index gained 24.03 points or 0.98 percent to end at 2,464.89.
Among the actives, Industrial and Commercial Bank of China was down 1.38 percent, while Bank of China retreated 0.70 percent, Agricultural Bank of China declined 0.66 percent, China Merchants Bank contracted 0.90 percent, Bank of Communications fell 0.40 percent, China Life Insurance dropped 0.79 percent, Jiangxi Copper spiked 2.05 percent, Aluminum Corp of China (Chalco) rallied 3.04 percent, Yankuang Energy skidded 1.17 percent, PetroChina slumped 0.62 percent, China Petroleum and Chemical (Sinopec) sank 0.67 percent, Huaneng Power lost 0.64 percent, China Shenhua Energy shed 0.59 percent, Gemdale jumped 1.60 percent, Poly Developments vaulted 1.28 percent and China Vanke added 0.62 percent.
The lead from Wall Street is solid as the major averages opened firmly higher on Friday and remained in the green throughout the trading day.
The Dow jumped 183.04 points or 0.38 percent to finish at 48,134.89, while the NASDAQ rallied 301.26 points or 1.31 percent to end at 23,307.62 and the S&P 500 gained 59.74 points or 0.88 percent to close at 6,834.50.
For the week, the Dow slid 0.7 percent, the NASDAQ added 0.5 percent and the S&P 500 rose 0.1 percent.
The continued strength on Wall Street came amid sharp gains from the technology shares thanks to solid earnings news and easing concerns of a tech bubble.
In U.S. economic news, the National Association of Realtors reported a modest increase by existing home sales in the U.S. in November. Also, the University of Michigan said consumer sentiment in the U.S. rebounded less than expected in December.
Crude oil increased on Friday amid concerns of a supply side disruption due to brewing U.S.-Venezuela tensions. West Texas Intermediate crude for January delivery was up by $0.47 or 0.84 percent at $56.62 per barrel.
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