China Stock Market May Find Support On Monday

(RTTNews) - The China stock market has moved lower in two straight trading days, giving away more than 25 points or 0.7 percent along the way. The Shanghai Composite Index now rests just beneath the 3,830-point plateau although it's likely to halt its slide on Monday.

The global forecast for the Asian markets is upbeat on an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

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

For the day, the index lost 25.20 points or 0.65 percent to finish at the daily low of 3,828.11 after peaking at 3,856.61. The Shenzhen Composite Index slumped 38.56 points or 1.54 percent to end at 24.70.73.

Among the actives, Industrial and Commercial Bank of China gained 0.44 percent, while Agricultural Bank of China collected 0.05 percent, China Merchants Bank eased 0.05 percent, Bank of Communications shed 0.44 percent, China Life Insurance strengthened 1.26 percent, Jiangxi Copper rallied 3.44 percent, Aluminum Corp of China (Chalco) added 0.13 percent, Yankuang Energy skidded 1.02 percent, PetroChina rose 0.25 percent, Huaneng Power fell 0.28 percent, China Shenhua Energy perked 0.10 percent, Gemdale sank 0.74 percent, Poly Developments improved 0.78 percent and China Vanke, China Petroleum and Chemical (Sinopec) and Bank of China were unchanged.

The lead from Wall Street is positive as the major averages opened higher on Friday and spent most of the day in the green.

The Dow jumped 299.97 points or 0.65 percent to finish at 46,247.29, while the NASDAQ advanced 99.37 points or 0.44 percent to close at 22,484.07 and the S&P 500 gained 38.98 points or 0.59 percent to end at 6,643.70.

For the week, the NASDAQ slid 0.7 percent, the S&P fell 0.3 percent and the Dow dipped 0.2 percent.

The strength on Wall Street reflected a positive reaction to a closely watched Commerce Department report showing consumer prices rose in line with economist estimates in August.

The data helped increase confidence that the Federal Reserve will continue lowering interest rates in the coming months.

Crude oil prices advanced on Friday as Russia restricted fuel exports by introducing a partial ban on diesel exports until the end of 2025. West Texas Intermediate crude for November delivery was up $0.59 or 0.91 percent at $65.57 per barrel.