Shutterstock photo(RTTNews.com) - The China stock market has ticked higher in back-to-back sessions, advancing more than 20 points or 0.6 percent along the way. The Shanghai Composite Index remains just beneath the 3,270-point plateau although it may run out of steam on Monday.
The global forecast for the Asian markets is slightly sort thanks to continued chaos in Washington D.C. although crude oil prices offer support. The European and U.S. markets were down on Friday and the Asian bourses figure to open in similar fashion.
The SCI finished barely higher on Friday as gains from the properties and insurance companies were offset by weakness from the financials and a mixed bag from the oil companies.
Among the actives, Agricultural Bank of China shed 0.27 percent, while Industrial and Commercial Bank of China was unchanged, Bank of China lost 0.50 percent, Vanke surged 4.11 percent, Gemdale spiked 2.03 percent, PetroChina added 0.25 percent, China Petroleum and Chemical (Sinopec) fell 0.34 percent, China Life soared 3.10 percent and Ping An Insurance advanced 4.05 percent.
The lead from Wall Street is negative as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before ending in the red.
The Dow dropped 76.22 points or 0.4 percent to 21,674.51, while the NASDAQ shed 5.39 points or 0.1 percent to 6,216.53 and the S&P dipped 4.46 points or 0.2 percent to 2,425.55. For the week, the Dow slid 0.8 percent and the NASDAQ and S&P both fell 0.6 percent.
The choppy trading came as traders expressed uncertainty about the near-term outlook for the markets after recent volatility. Concerns about President Donald Trump's ability to implement his agenda continued to weigh.
In economic news, the University of Michigan noted a bigger than expected improvement in consumer sentiment in August.
Crude oil futures spiked on Friday after industry data showed the U.S. rig count fell last week. September WTI oil rallied $1.42 or 3 percent to $48.51/bbl for the session, but eased 0.6% for the week.
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