BEIJING (dpa-AFX) - The China stock market bounced higher again on Friday, one day after ending the three-day winning streak in which it had rallied almost 90 points or 2.2 percent. The Shanghai Composite Index now sits just above the 4,040-point plateau and it's predicted to open higher again on Monday.
The global forecast for the Asian markets is flat to higher on easing Middle East tensions and hopes that the Federal Reserve will not tighten its monetary policy for now. The European markets were up and the U.S. bourses were closed for Independence Day, and the Asian markets are expected to tick higher as well.
The SCI finished modestly higher on Friday following gains from the properties and oil companies, while the financial sector was mixed.
For the day, the index added 14.74 points or 0.37 percent to finish at 4,043.64 after trading between 4,027.26 and 4,073.88. The Shenzhen Composite Index improved 20.96 points or 0.76 percent to end at 2,792.58.
Among the actives, Industrial and Commercial Bank of China eased 0.14 percent, while Bank of China fell 0.36 percent, Agricultural Bank of China slumped 1.34 percent, China Merchants Bank collected 0.63 percent, China Life Insurance rose 0.39 percent, Jiangxi Copper rallied 3.24 percent, Aluminum Corp of China (Chalco) jumped 1.96 percent, Yankuang Energy dipped 0.11 percent, PetroChina vaulted 1.70 percent, China Petroleum and Chemical (Sinopec) spiked 2.17 percent, Huaneng Power tumbled 1.53 percent, China Shenhua Energy sank 0.17 percent, Gemdale improved 0.92 percent, Poly Developments added 0.65 percent, China Vanke advanced 0.98 percent and Bank of Communications was unchanged.
There is no lead from Wall Street, but the major European markets saw modest gains thanks to easing Middle East tensions.
The UK's FTSE 100 gained 0.25%, Germany's DAX and France's CAC 40 moved up 0.78% and 0.39%, respectively. Switzerland's SMI closed 0.5% up.
Germany's DAX hit a new all-time high, while France's CAC 40 climbed to its best levels since February 2026.
Disappointing U.S. employment data also gave the markets a lift as it fueled hopes that the Federal Reserve may not tighten its monetary policy in the near future.
Oil prices held steady on Friday but headed for their fourth straight weekly loss on eased concerns over supply disruptions in the Middle East. West Texas Intermediate crude for August delivery edged up 0.2 percent to $68.84 per barrel.
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