China Stock Market Predicted To Open In The Red

(RTTNews) - The China stock market has tracked higher in four straight sessions, accelerating more than 90 points or 3 percent along the way. The Shanghai Composite Index now sits just above the 3,150-point plateau although it's due for consolidation on Monday.

The global forecast for the Asian markets is negative on growing concerns about another wave of coronavirus. The European markets were down on Friday and the U.S. bourses were off, and the Asian markets are also tipped to open lower.

The SCI finished sharply higher on Friday following gains from the financial shares and oil and insurance companies - while the properties were mixed.

For the day, the index surged 62.24 points or 2.01 percent to finish at the daily high of 3,152.81 after trading as low as 3,104.00. The Shenzhen Composite Index jumped 25.84 points or 1.28 percent to end at 2,041.89.

Among the actives, Industrial and Commercial Bank of China spiked 1.98 percent, while Bank of China collected 1.40 percent, China Construction Bank jumped 3.09 percent, China Merchants Bank rallied 4.08 percent, China Life Insurance skyrocketed 9.99 percent, Ping An Insurance climbed 2.58 percent, PetroChina perked 2.31 percent, China Petroleum and Chemical (Sinopec) advanced 1.75 percent, Baoshan Iron gathered 2.21 percent, Gemdale fell 0.31 percent, Poly Developments dipped 0.12 percent and China Vanke gained 0.92 percent.
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