China Stock Market Likely To Remain Rangebound

(RTTNews) - The China stock market has alternated between positive and negative finishes through the last four trading days since the end of the three-day slide in which it had retreated nearly 60 points or 2 percent. The Shanghai Composite Index remains just above the 3,005-point plateau although it may rebound again on Monday.

The global forecast for the Asian markets suggests continued if mild upward momentum based more on inertia than anything else until next year. The European markets were slightly higher on Friday and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

The SCI finished barely lower on Friday following mixed performances from the financials, properties and insurance companies.

For the day, the index eased 2.31 points or 0.08 percent to finish at 3,005.04 after trading between 3,003.63 and 3,036.11. The Shenzhen Composite Index shed 11.54 points or 0.68 percent to end at 1,697.91.

Among the actives, Industrial and Commercial Bank of China collected 0.68 percent, while Bank of China added 0.27 percent, China Construction Bank gained 0.28 percent, China Merchants Bank sank 0.63 percent, China Life Insurance dropped 0.97 percent, Ping An Insurance rose 0.34 percent, PetroChina gathered 0.87 percent, China Petroleum and Chemical (Sinopec) increased 0.60 percent, China Shenhua Energy perked 0.73 percent, Gemdale climbed 1.16 percent, Poly Developments fell 0.25 percent and China Vanke lost 0.39 percent.
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