China Bourse May Crack Resistance At 3,000 Points

(RTTNews) - The China stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day winning streak in which it had soared almost 210 points or 7.4 percent. The Shanghai Composite Index now rests just beneath the 2,995-point plateau and it may extend its gains on Monday.

The global forecast for the Asian markets is upbeat on optimism over global trade. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The SCI finished sharply higher on Friday following gains from the financial shares, properties and oil and insurance companies.

For the day, the index surged 53.05 points or 1.80 percent to finish at 2,994.01 after trading between 2,930.83 and 2,994.00. The Shenzhen Composite Index soared 18.51 points or 1.20 percent to end at 1,564.84.

Among the actives, Industrial and Commercial Bank of China added 1.74 percent, while Bank of China collected 1.56 percent, China Construction Bank climbed 2.23 percent, China Merchants Bank jumped 3.65 percent, China Life Insurance skyrocketed 9.58 percent, Ping An Insurance spiked 3.40 percent, PetroChina gained 0.64 percent, China Petroleum and Chemical (Sinopec) advanced 1.16 percent, China Shenhua Energy rose 1.91 percent, Gemdale perked 1.24 percent, Poly Developments gathered 1.06 percent and China Vanke was up 1.96 percent.

The lead from Wall Street is positive as stocks moved higher in early trade Friday and remained modestly in the green throughout the session.

The Dow added 110.32 points or 0.43 percent to 26,026.32, the NASDAQ gained 62.82 points or 0.83 percent to 7,595.35 and the S&P 500 rose 19.20 points or 0.69 percent to 2,803.69. For the week, the Dow fell 0.1 percent, the NASDAQ perked 0.9 percent and the S&P was up 0.4 percent.

Optimism about U.S.-China trade talks contributed to the strength on Wall Street on reported progress in the trade negotiations.

In economic news, the Institute for Supply Management said growth in the U.S. manufacturing sector slowed than expected in February. Also, the Commerce Department said personal income edged lower in January after jumping more than expected in December.

Crude oil prices moved sharply lower on Friday as worries about demand growth resurfaced following the soft economic data in the U.S. West Texas Intermediate Crude oil futures for April ended down $1.42 or 2.5 percent at $55.80 a barrel.
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