Rally May Stall For China Stock Market

(RTTNews) - The China stock market has finished higher in four straight trading days, advancing more than 80 points or 2.7 percent along the way. The Shanghai Composite Index now rests just above the 2,965-point plateau although it may be stuck in neutral on Monday.

The global forecast for the Asian markets is directionless as investors hold their breath to see if another wave of Covid-19 is imminent. The European markets were up on Friday and the U.S. bourses were mostly lower and the Asian stocks are tipped to follow the latter lead.

The SCI finished modestly higher on Friday following gains from the financial shares and insurance companies, while the property stocks were mixed.

For the day, the index advanced 28.32 points or 0.96 percent to finish at 2,967.63 after trading between 2,935.82 and 2,973.32. The Shenzhen Composite Index climbed 22.77 points or 1.19 percent to end at 1,931.10.

Among the actives, Industrial and Commercial Bank of China rose 0.19 percent, while Bank of China collected 0.29 percent, China Minsheng Bank gained 0.53 percent, China Merchants Bank eased 0.09 percent, China Life Insurance spiked 2.07 percent, Ping An Insurance was up 0.03 percent, PetroChina perked 0.23 percent, Gemdale added 0.53 percent, Poly Developments sank 0.34 percent, China Vanke increased 0.23 percent and China Construction Bank, China Petroleum and Chemical (Sinopec) and China Shenhua Energy were unchanged.
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