BEIJING (dpa-AFX) - The China stock market bounced higher again on Friday, one day after ending the two-day winning streak in which it had rallied more than 110 points or 2.8 percent. The Shanghai Composite Index now sits just beneath the 3,990-point plateau although it may hand back those gains on Monday.
The global forecast for the Asian markets is soft thanks to renewed tensions in the Middle East. The European and U.S. markets were mixed to lower and the Asian bourses are also expected to open under pressure.
The SCI finished modestly higher on Friday as gains from the property and insurance companies were offset by weakness from the oil and bank stocks.
For the day, the index improved 20.05 points or 0.51 percent to finish at 3,986.22 after trading between 3,979.81 and 4,011.02. The Shenzhen Composite Index jumped 40.29 points or 1.54 percent to end at 2,652.30.
Among the actives, Industrial and Commercial Bank of China fell 0.27 percent, while Bank of China sank 0.70 percent, Agricultural Bank of China dipped 0.15 percent, China Merchants Bank eased 0.13 percent, Bank of Communications lost 0.58 percent, China Life Insurance rallied 2.22 percent, Jiangxi Copper fell 0.33 percent, Aluminum Corp of China (Chalco) plunged 3.29 percent, Yankuang Energy jumped 1.90 percent, PetroChina slumped 0.91 percent, China Petroleum and Chemical (Sinopec) shed 0.51 percent, Huaneng Power perked 0.15 percent, China Shenhua Energy dropped 0.88 percent, Gemdale vaulted 1.47 percent, Poly Developments gained 0.54 percent and China Vanke added 0.52 percent.
The lead from Wall Street is weak as the major averages opened mixed on Friday and largely hugged the line throughout the trading day before ending little changed and on opposite sides.
The Dow dropped 269.23 points or 0.56 percent to finish at 47,916.57, while the NASDAQ gained 80.49 points or 0.35 percent to close at 22,902.89 and the S&P 500 slipped 7.77 points or 0.11 percent to end at 6,816.89.
For the week, the NASDAQ spiked 4.7 percent, the S&P rallied 3.6 percent and the Dow jumped 3.0 percent.
The lackluster performance by the broader markets came amid lingering about whether the fragile ceasefire in the Middle East will hold; peace negotiations over the weekend also failed to produce a result.
In economic news, the University of Michigan noted a significant deterioration in U.S. consumer sentiment in April. Also, the Labor Department showed consumer prices advanced by 0.9 percent in March, in line with estimates.
Crude oil prices slumped Friday despite persistent tensions surrounding the Strait of Hormuz. West Texas Intermediate crude for May delivery was down $1.15 or 1.18 percent at $96.72 per barrel.
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