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Win Streak Expected To Continue For China Shares

(RTTNews) - Ahead of Friday's holiday for Tomb Sweeping Day, the China stock market had advanced in five straight sessions, soaring more than 250 points or 8.5 percent along the way. The Shanghai Composite Index now rests just above the 3,245-point plateau and it's tipped to open in the green again on Monday.

The global forecast for the Asian markets is upbeat on solid economic data and trade optimism. The European and U.S. markets were higher on Friday and the Asian bourses are tipped to follow suit.

The SCI finished modestly higher on Thursday as gains from the financials and oil and insurance companies were tempered by weakness from the property sector.

For the day, the index climbed 30.28 points or 0.94 percent to finish at 3,246.57 after trading between 3,216.85 and 3,254.14.

Among the actives, Industrial and Commercial Bank of China jumped 1.93 percent, while Bank of China climbed 1.30 percent, China Construction Bank gathered 2.90 percent, China Merchants Bank collected 2.09 percent, China Life Insurance advanced 1.56 percent, Ping An Insurance added 0.43 percent, China Petroleum and Chemical jumped 1.19 percent, China Shenhua Energy perked 1.59 percent, Gemdale shed 0.28 percent, Poly Developments lost 0.41 percent, China Vanke fell 0.83 percent, CITIC Securities sank 0.61 percent and PetroChina was unchanged.

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

The Dow added 40.36 points or 0.15 percent to 26,424.99, while the NASDAQ gained 46.91 points or 0.59 percent to 7,938.69 and the S&P 500 rose 13.35 points or 0.46 percent to 2,892.74. For the week, the Dow added 1.9 percent, the NASDAQ jumped 2.7 percent and the S&P rose 2.1 percent.

The initial strength on Wall Street came in reaction to the Labor Department report showing a significant jump in the pace of U.S. job growth in March.

The markets maintained a positive bias amid continued indications of progress in U.S.-China trade talks after the latest round of high-level negotiations.

Crude oil futures ended higher on Friday, supported by OPEC-led supply cuts. West Texas Intermediate crude oil futures for May ended up $0.98 or 1.6 percent at $63.08 a barrel.
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