China Stock Market Set To Bounce Higher On Monday

(RTTNews) - The China stock market has alternated between positive and negative finishes through the last four trading days since the end of the three-day losing streak in which it had slumped almost 55 points or 1.7 percent. The Shanghai Composite Index now sits just above the 3,250-point plateau although it's tipped to rebound again on Monday.

The global forecast for the Asian markets is upbeat on optimism over corporate earnings, plus support from the energy and technology sectors. The European and U.S. markets were solidly higher and the Asian bourses are tipped to open in similar fashion.

The SCI finished modestly lower on Friday following losses from the financial shares, property stocks and resource companies.

For the day, the index sank 29.34 points or 0.89 percent to finish at 3,253.24 after trading between 3,246.37 and 3,294.80. The Shenzhen Composite Index dropped 22.00 points or 1.00 percent to end at 2,181.25.

Among the actives, Industrial and Commercial Bank of China dipped 0.23 percent, while Bank of China fell 0.33 percent, China Construction Bank shed 0.71 percent, China Merchants Bank tumbled 1.98 percent, Bank of Communications lost 0.43 percent, China Life Insurance dropped 0.82 percent, Jiangxi Copper skidded 1.00 percent, Aluminum Corp of China (Chalco) advanced 0.86 percent, Yankuang Energy plunged 3.32 percent, PetroChina slumped 0.95 percent, China Petroleum and Chemical (Sinopec) eased 0.24 percent, Huaneng Power climbed 1.01 percent, China Shenhua Energy tanked 2.23 percent, Gemdale surrendered 1.84 percent, Poly Developments retreated 1.83 percent, China Vanke declined 2.49 percent and China Fortune Land plummeted 2.97 percent.

The lead from Wall Street is positive as the major averages opened higher on Friday and accelerated as the day progressed, ending near session highs.

The Dow spiked 315.53 points or 0.97 percent to finish at 32,845.13, while the NASDAQ jumped 228.09 points or 1.88 percent to end at 12,390.69 and the S&P 500 gained 57.86 points or 1.42 percent to close at 4,130.29.

For the week, the NASDAQ spiked 4.7 percent, the S&P climbed 4.3 percent and the Dow gained 3.0 percent. The three-day rally also capped off a strong month for stocks, with the major averages recording their best monthly gains since 2020.

The continued strength on Wall Street reflected a positive reaction to the latest batch of earnings news from big-name companies like Amazon (AMZN) and tech giant Apple (AAPL) - although others like Intel (INTC) and Proctor & Gamble (PG) disappointed.

Crude oil prices rose sharply after the Energy Information Administration said U.S. crude inventories tumbled last week. West Texas Intermediate Crude oil futures for September ended higher by $2.20 or 2.3 percent at $98.62 a barrel. WTI crude futures gained 4.1 percent in the week but fell 6.8 percent in the month.