Higher Open Anticipated For China Stock Market

(RTTNews) - The China stock market on Friday ended the eight-day winning streak in which it had accelerated more than 390 points or 12 percent. The Shanghai Composite Index now sits just above the 3,380-point plateau although it's looking at a green light for Monday's trade.

The global forecast for the Asian markets is upbeat on optimism for a treatment for the Covid-19 virus. The European and U.S. markets were firmly higher on Friday and the Asian bourses are tipped to open in similar fashion.

The SCI finished sharply lower on Friday with damage across the board - especially from the financials, properties and oil and insurance companies.

For the day, the index plunged 67.27 points or 1.95 percent to finish at 3,383.32 after trading between 3,372.51 and 3,433.11. The Shenzhen Composite Index fell 6.95 points or 0.31 percent to end at 2,251.00.

Among the actives, Industrial and Commercial Bank of China tanked 2.97 percent, while Bank of China retreated 2.65 percent, China Construction Bank tumbled 4.38 percent, China Merchants Bank sank 3.77 percent, China Life Insurance plummeted 7.05 percent, Ping An Insurance plunged 4.17 percent, PetroChina surrendered 2.95 percent, China Petroleum and Chemical (Sinopec) lost 2.36 percent, China Shenhua Energy declined 3.40 percent, Gemdale fell 4.27 percent, Poly Developments slid 3.81 percent and China Vanke was down 4.77 percent.
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