BEIJING (dpa-AFX) - The China stock market headed south again on Friday, one day after ending the two-day slide in which it had dropped almost 60 points or 1.3 percent. The Shanghai Composite Index now sit just beneath the 4,070-point plateau although it's expected to bounce higher again on Monday.
The global forecast for the Asian markets is cautiously optimistic on easing oil prices and hopes for an end to the U.S.-Iran conflict. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The SCI finished modestly lower on Friday as losses from the broader market were mitigated by support from the financials and properties.
For the day, the index sank 30.07 points or 0.73 percent to finish at 4,068.57 after trading between 4,055.89 and 4,112.96. The Shenzhen Composite Index tumbled 54.26 points or 1.90 percent to end at 2,805.62.
Among the actives, Industrial and Commercial Bank of China gained 2.56 percent, while Agricultural Bank of China collected 1.77 percent, China Merchants Bank accelerated 2.40 percent, Bank of Communications jumped 1.83 percent, China Life Insurance strengthened 1.32 percent, Jiangxi Copper perked 0.07 percent, Aluminum Corp of China (Chalco) climbed 1.06 percent, Yankuang Energy expanded 1.40 percent, PetroChina added 0.65 percent, China Petroleum and Chemical (Sinopec) improved 0.83 percent, Huaneng Power skyrocketed 10.05 percent, China Shenhua Energy vaulted 1.67 percent, Gemdale spiked 4.17 percent, Poly Developments rallied 2.85 percent and China Vanke surged 7.25 percent.
The lead from Wall Street is mildly positive as the major averages opened higher on Friday and remained largely in the green throughout the trading day, ending at fresh record closing highs.
The Dow jumped 363.46 points or 0.72 percent to finish at 51,032.46, while the NASDAQ added 55.12 points or 0.20 percent to end at 26,972.62 and the S&P 500 rose 16.43 points or 0.22 percent to end at 7,580.06.
For the holiday-shortened week, the NASDAQ surged 2.4 percent, the S&P 500 jumped 1.4 percent and the Dow advanced 0.9 percent.
The higher close on Wall Street came as traders generally remain optimistic about a U.S.-Iran deal but seemed to be waiting for more concrete developments before making more significant moves. Recent reports have suggested the U.S. and Iran have agreed to a framework for a 60-day extension of the ceasefire.
Positive sentiment may have been generated in reaction a sharp increase by shares of Dell Technologies (DELL), which skyrocketed after the company reported better than expected fiscal Q1 results and raised its full-year guidance.
Crude oil prices tumbled Friday on expectations of the U.S. and Iran signing an agreement, which would allow for the immediate reopening of the Strait of Hormuz and pave the way for the resumption of oil and energy trade. West Texas Intermediate crude for July delivery was down $1.65 or 1.86 percent at $87.25 per barrel.
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