China Stock Market May Cut Into Friday's Losses

(RTTNews) - The China stock market on Friday halted the three-day winning streak in which it had advanced more than 35 points or 1 percent. The Shanghai Composite now sits just beneath the 3,270-point plateau although it's likely to make back some of that on Monday.

The global forecast is positive, supported by increasing oil prices. The European and U.S. markets were up on Friday and the Asian markets are expected to open in similar fashion on Monday.

The SCI finished sharply lower on Friday with losses in all sectors, especially the resource, property and financial companies.

For the day, the index plummeted 103.21 points or 3.06 percent to finish at the daily low of 3,267.19 after trading as high as 3,372.00. The Shenzhen Composite Index tumbled 72.10 points or 3.54 percent to end at 1,966.91.

Among the actives, Industrial and Commercial Bank of China dropped 1.31 percent, while Bank of China skidded 1.01 percent, China Construction Bank weakened 1.26 percent, China Merchants Bank stumbled 2.62 percent, Agricultural Bank of China retreated 1.47 percent, China Life Insurance plummeted 5.90 percent, Jiangxi Copper tanked 3.72 percent, Aluminum Corp of China (Chalco) surrendered 3.53 percent, Yankuang Energy tumbled 2.90 percent, PetroChina slumped 1.23 percent, China Petroleum and Chemical (Sinopec) shed 0.95 percent, Huaneng Power declined 2.92 percent, China Shenhua Energy plunged 3.37 percent, Poly Developments crashed 3.28 percent, China Vanke lost 3.00 percent and Gemdale was unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Friday and mostly stayed that way, ending in the green.

The Dow surged 426.16 points or 0.97 percent to finish at a record 44,296.51, while the NASDAQ added 31.23 points or 0.16 percent to close at 19.003.65 and the S&P 500 gained 20.63 points or 0.35 percent to end at 5,969.34.

For the week, the Dow surged 2.0 percent, while the NASDAQ and the S&P 500 both shot up by 1.7 percent.

The advance by the markets came despite a pullback by shares of Nvidia (NVDA), as the AI darling tumbled by 3.2 percent despite having reporting better than expected third quarter earnings and revenues.

In U.S. economic news, revised data released by the University of Michigan showed consumer sentiment in the U.S. improved less than expected in November - although the index is still at its highest level since April.

Oil prices climbed higher on Friday amid rising concerns about Russia/Ukraine conflict. West Texas Intermediate Crude oil futures for January closed up $1.14 or 1.6 percent at $71.24 a barrel. WTI crude futures gained 6.5 percent in the week.