The China stock market headed south again on Friday, one session after it had snapped the six-day slide in which it had plummeted almost 175 points or 5.5 percent. The Shanghai Composite Index now rests just above the 3,075-point plateau although it’s expected to bounce higher again on Monday.
The global forecast for the Asian markets is firm following strong employment data from the United States. The European and U.S. bourses were up and the Asian markets are expected to open in similar fashion.
The SCI finished modestly lower on Friday as losses from the oil and insurance companies were tempered by gains from the properties and a mixed performance from the financials.
For the day, the index dropped 20.33 points or 0.66 percent to finish at 3.075.14 after trading between 3,059.79 and 3,102.09. The Shenzhen Composite Index tumbled 21.22 points or 1.20 percent to end at 1,746.33.
Among the actives, Bank of China shed 0.27 percent, while Industrial and Commercial Bank of China lost 0.35 percent, Agricultural Bank of China collected 0.28 percent, China Construction Bank fell 0.56 percent, China Minsheng Bank added 0.65 percent, China Life eased 0.16 percent, Ping An Insurance dipped 0.79 percent, China Petroleum and Chemical (Sinopec) dropped 0.71 percent, China Vanke jumped 1.60 percent and Gemdale advanced 0.56 percent.
The lead from Wall Street is broadly positive as stocks showed a strong move to the upside on Friday as traders reacted to upbeat employment data – allowing the NASDAQ to hit its best closing level in two months.
The Dow added 219.37 points or 0.90 percent to 24,635.21, the Nasdaq spiked 112.21 points or 1.51 percent to 7,554.33 and the S&P surged 29.35 points or 1.08 percent to 2,734.62. For the week, the Dow fell 0.5 percent, the NASDAQ jumped 1.6 percent and the