Rally May Stall For China Stock Market
(RTTNews.com) - The China stock market has climbed higher in two straight sessions, picking up more than 50 points or 1.9 percent along the way. The Shanghai Composite Index remains just beneath the 2,800-point plateau although it may spin its wheels on Monday.
The global forecast for the Asian markets is negative, largely on trade and geopolitical concerns. 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 property stocks were offset by weakness from the financials and oil companies.
For the day, the index picked up 0.93 points or 0.03 percent to finish at 2,795.31 after trading between 2,777.51 and 2,806.11. The Shenzhen Composite Index collected 10.32 points or 0.69 percent to end at 1,515.96.
Among the actives, Gemdale climbed 1.26 percent, while China Vanke surged 3.11 percent, Poly Real Estate soared 1.47 percent, Bank of China shed 0.56 percent, Industrial and Commercial Bank of China skidded 1.26 percent, China Merchants Bank and China Construction Bank both dropped 1.15 percent, China Life eased 0.22 percent, China Petroleum and Chemical (Sinopec) retreated 1.19 percent, PetroChina fell 0.37 percent and China Shenhua Energy declined 0.93 percent.
The lead from Wall Street is soft as stocks moved lower on Friday after closing mixed in the previous two sessions.
The Dow slid 196.09 points or 0.77 percent to 25,313.14, the NASDAQ fell 52.67 points or 0.67 percent to 7,839.11 and the S&P 500 dropped 20.30 points or 0.71 percent to 2,833.28.
The weakness came amid concerns about rising tensions between the U.S. and Turkey due to the Turkish detention of U.S. pastor Andrew Brunson. The Turkish lira has plummeted to a record low, contributing to weakness in the overseas markets.
In economic news, the Labor Department noted a modest increase in consumer prices in July - while core consumer prices also edged higher.
Crude oil prices climbed higher on Friday, lifted by International Energy Agency's forecast that world oil demand will increase next year. Crude oil futures for September delivery ended up $0.82 or 1.3 percent at $67.63 a barrel.
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