(RTTNews.com) – The China stock market has climbed higher in back-to-back trading days, gathering more than 35 points or 1.1 percent along the way. The Shanghai Composite Index now rests just beneath the 3,305point plateau and it draws a firm lead for Monday.
The global forecast for the Asian markets is broadly positive thanks to solid U.S. employment data and a spike in crude oil prices. The European and U.S. markets were higher and the Asian markets figure to follow suit.
The SCI finished modestly lower on Friday following mixed performances from the financial shares and insurance companies.
For the day, the index advanced 18.76 points or 0.57 percent to finish at 3,307.17 after trading between 3,283.56 and 3,309.72. The Shenzhen Composite Index spiked 28.91 points or 1.56 percent to end at 1,885.38.
Among the actives, China Vanke slid 0.54 percent, while Gemdale eased 0.16 percent, China Life lost 0.40 percent, Ping An Insurance added 0.50 percent, Bank of China shed 0.48 percent, China Construction Bank collected 0.86 percent, China Petroleum and Chemical (Sinopec) skidded 0.93 percent, Jiangxi Copper dropped 0.55 percent and PetroChina, Bank of Communications, Agricultural Bank of China and Industrial and Commercial Bank of China all were unchanged
The lead from Wall Street is solid as stocks moved sharply higher on Friday, adding the gains in the previous session as the NASDAQ closed higher for the sixth straight session to a record closing high.
The Dow spiked 440.53 points or 1.77 percent to 25,335.74, while the NASDAQ jumped 132.86 points or 1,79 percent to 7,560.81 and the S&P climbed 47.60 points or 1.74 percent to 2,786.57. For the week, the NASDAQ soared 4.2 percent, the Dow jumped 3.3 percent and the S&P gained 3.5 percent.
The rally followed the Labor Department report showing stronger than expected job growth in February.
The markets also benefited from easing geopolitical concerns amid news President Donald Trump has agreed to meet with North Korean leader Kim Jong-Un.
Crude oil prices rallied Friday on data showing the U.S. rig count dropped for the first time in seven weeks. April WTI crude added $1.92 or 3.2 percent to $62.04 a barrel on the New York Mercantile Exchange. Prices were up 1.3 percent for the week.
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