Shutterstock photo(RTTNews.com) - The China stock market ticked higher again on Friday, one day after it had ended the four-day winning streak in which it had advanced almost 50 points or 1.5 percent. The Shanghai Composite Index now rests just above the 3,390-point plateau and it may extend its gains on Monday.
The global forecast for the Asian markets is upbeat thanks to positive economic news and a jump in crude oil prices. The European markets were mixed and the U.S. bourses were higher - and the Asian markets figure to follow the latter lead.
The SCI finished slightly higher on Friday as gains from the resource stocks were tempered by weakness from the financials and mixed performances from the properties and oil companies.
Among the actives, Industrial and Commercial Bank of China dropped 1.13 percent, while Bank of China shed 0.48 percent, Agricultural Bank of China skidded 1.05 percent, Vanke lost 0.63 percent, Gemdale added 0.26 percent, PetroChina gained 0.13 percent, China Petroleum and Chemical (Sinopec) eased 0.17 percent, Zijin Mining advanced 0.78 percent and Jiangxi Copper collected 0.22 percent.
The lead from Wall Street is firm as stocks moved higher on Friday, offsetting the pullback from a day earlier - and sending the Dow and the NASDAQ to fresh record closing highs.
The Dow crept up 30.71 points or 0.13 percent to 22,871.72, while the NASDAQ rose 14.29 points or 0.22 percent to 6,605.80 and the S&P 500 was up 2.24 points or 0.09 percent to 2,553.17. For the week, the Dow climbed 0.4 percent, while the NASDAQ and the S&P both added 0.2 percent.
The support was largely data-driven following the release of upbeat economic data, including a Commerce Department report showing a spike in retail sales in September.
The University of Michigan also noted a gain in consumer sentiment in October, while the Labor Department said consumer prices increased less than expected in September.
In earnings news, Bank of America (BAC) reported Q3 results that beat estimates, but Wells Fargo (WFC) reported revenues that missed expectations.
Crude oil futures rallied Friday amid hopes for strong demand from the U.S. and China. November WTI oil climbed 85 cents or 1.7 percent to $51.45/bbl on Nymex, having picked up 4 percent for the week.
Closer to home, China will release September figures for consumer and producer prices later this morning.
Consumer prices are expected to rise 1.6 percent on year, slowing from 1.8 percent in August. Producer prices are called at 6.4 percent, up from 6.3 percent in the previous month.
For comments and feedback: contact editorial@rttnews.com
Read Again China Bourse May Find Additional Support : http://ift.tt/2ieHgjd
Bagikan Berita Ini
0 Response to "China Bourse May Find Additional Support"
Post a Comment