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Lower Open Predicted For China Stock Market

(RTTNews) - The China stock market on Thursday halted the three-day slide in which it had dropped almost 130 points or 3.8 percent. The Shanghai Composite Index now sits just above the 3,585-point plateau although it's expected to turn lower again on Friday.

The global forecast for the Asian markets is firmly negative on treasury yield and interest rate concerns. The European and U.S. markets were firmly in the red and the Asian bourses figure to follow that lead.

The SCI finished modestly higher on Thursday following large gains from the property sector and more measured upside from the financials and resource stocks.

For the day, the index added 20.97 points or 0.59 percent to finish at 3,585.05 after trading between 3,568.47 and 3,608.56. The Shenzhen Composite Index shed 11.88 points or 0.51 percent to end at 2,335.40.

Among the actives, Industrial and Commercial Bank of China rallied 2.64 percent, while Bank of China collected 0.93 percent, China Construction Bank spiked 2.94 percent, China Merchants Bank jumped 1.59 percent, Bank of Communications climbed 1.09 percent, China Life Insurance gathered 2.11 percent, Jiangxi Copper added 0.74 percent, Aluminum Corp of China (Chalco) surged 6.35 percent, Yanzhou Coal accelerated 3.47 percent, PetroChina perked 1.61 percent, China Petroleum and Chemical (Sinopec) improved 2.19 percent, China Shenhua Energy advanced 2.15 percent, Gemdale soared 8.39 percent, Poly Developments jumped 8.43 percent and China Vanke and China Fortune Land both skyrocketed by the 10 percent daily limit.
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