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China Stock Market Predicted To Open In The Red

(RTTNews) - The China stock market has finished lower in two of three trading days since the end of the two-day winning streak in which it had advanced almost 100 points or 3.3 percent. The Shanghai Composite Index now rests just above the 2,880-point plateau and the losses may accelerate on Monday.

The global forecast for the Asian markets is slightly negative, although technology stocks are likely to weigh. The European and U.S. market were down and the Asian bourses are predicted to follow suit.

The SCI finished sharply lower on Friday following losses from the oil and insurance companies, while the financials and properties were mixed.

For the day, the index retreated 28.77 points or 0.99 percent to finish at 2,881.97 after trading between 2,879.66 and 2,924.32. The Shenzhen Composite Index plummeted 27.73 points or 1.81 percent to end at 1,505.06.

Among the actives, Industrial and Commercial Bank of China added 0.17 percent, while China Merchants Bank collected 0.28 percent, China Life Insurance shed 0.78 percent, Ping An Insurance lost 0.92 percent, PetroChina dropped 0.85 percent, China Petroleum and Chemical (Sinopec) sank 0.76 percent, China Shenhua Energy advanced 0.97 percent, Gemdale slid 0.67 percent, Poly Developments climbed 1.18 percent, China Vanke rose 0.36 percent, CITIC Securities tumbled 1.67 percent and Bank of China and China Construction Bank were unchanged.

The lead from Wall Street is soft as stocks opened lower on Friday, staged a mild recovery in afternoon trade but still finished in the red.

The Dow shed 17.19 points or 0.07 percent, while the NASDAQ lost 40.47 points or 0.562 percent to 7,796.66 and the S&P fell 4.66 points or 0.16 percent to 2,886.98. For the week, the Dow added 0.4 percent, the NASDAQ rose 0.7 percent and the S&P advanced 0.5 percent.

Tech stocks came under pressure after Broadcom (AVGO) reported better than expected fiscal second quarter earnings but lowered its full-year revenue guidance due to ongoing geopolitical uncertainties.

In economic news, the Commerce noted a solid gain in retail sales in May and a strong upward revision in April. Also, the Federal Reserve noted a bigger than expected increase in industrial production in May, although the University of Michigan said its reading on consumer sentiment dropped in June.

Crude oil prices moved up Friday amid rising geopolitical tensions following the recent attacks on two oil tankers in the Gulf of Oman. West Texas Intermediate crude oil futures for July ended up $0.23 or 0.4 percent at $52.51 a barrel. For the week, WTA crude oil futures shed 2.7 percent.
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