(RTTNews) – The China stock market on Friday ended the two-day winning streak in which it had advanced more than 50 points or 1.4 percent. The Shanghai Composite Index now sits just above the 3,600-point plateau and it’s looking at another soft start again on Monday.
The global forecast for the Asian markets is mixed to lower on concerns about the coronavirus and uncertainty about additional stimulus. The European markets were slightly lower and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The SCI finished modestly lower on Friday following losses from the financial shares, property stocks and resource companies.
For the day, the index fell 14.51 points or 0.40 percent to finish at 3,606.75 after trading between 3,585.03 and 3,616.54. The Shenzhen Composite Index added 6.86 points or 0.28 percent to end at 2,456.24.
Among the actives, Industrial and Commercial Bank of China tumbled 1.75 percent, while Bank of China shed 0.63 percent, China Construction Bank tanked 2.37 percent, China Merchants Bank surrendered 1.90 percent, Bank of Communications dropped 0.88 percent, China Life Insurance plunged 3.97 percent, Jiangxi Copper retreated 2.66 percent, Aluminum Corp of China (Chalco) plummeted 4.08 percent, Yanzhou Coal cratered 3.51 percent, PetroChina lost 1.65 percent, China Petroleum and Chemical (Sinopec) skidded 2.16 percent, China Shenhua Energy declined 1.27 percent, Gemdale surrendered 4.17 percent, Poly Developments gave away 3.20 percent and China Vanke was down 2.79 percent.
The lead from Wall Street is murky as stocks opened sharply lower on Friday but rebounded to finish mixed and little changed.
The Dow shed 179.03 points or 0.57 percent to finish at 30,996.98, while the NASDAQ rose 12.15 points or 0.09 percent to end at 13,543.06 and the S&P 500 fell 11.60 points or 0.30 percent to close at 3,841.47. For the week, the Dow added 0.6 percent, the NASDAQ jumped 4.2 percent and the S&P rose 1.9 percent.
The lower open on Wall Street came on profit taking following recent gains, as well as uncertainty about President Joe Biden’s proposed $1.9 trillion coronavirus relief package.
The negative sentiment may have been partly offset by a report from the National Association of Realtors showing an unexpected rebound in existing home sales in December.
Crude oil prices slid on Friday after data showed a rise in U.S. crude inventories in the week ended January 15. Rising coronavirus cases and lockdown measures also raised concerns about the outlook for demand. West Texas Intermediate Crude oil futures sank $0.86 or 1.6 percent at $52.27 a barrel and 0.2 percent for the week.