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China Shares Tipped To Open In The Red On Monday

china-shares-tipped-to-open-in-the-red-on-monday

(RTTNews) – The China stock market on Friday ended the five-day winning streak in which it had risen more than 95 points or 2.8 percent. The Shanghai Composite Index now sits just above the 3,580-point plateau and it may extend its losses on Monday.

The global forecast for the Asian markets is negative on disappointing U.S. jobs data and sinking crude oil prices. The European markets were down and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.

The SCI finished modestly lower on Friday following mixed performances from the property stocks and resource companies.

For the day, the index lost 15.31 points or 0.43 percent to finish at 3,581.73 after trading between 3,569.40 and 3,613.95. The Shenzhen Composite Index sank 13.47 points or 0.55 percent to end at 2,414.30.

Among the actives, Industrial and Commercial Bank of China advanced 0.85 percent, while Bank of China added 0.33 percent, China Construction Bank collected 0.84 percent, China Merchants Bank gained 0.78 percent, Bank of Communications rose 0.22 percent, China Life Insurance was up 0.10 percent, Jiangxi Copper rallied 2.26 percent, Aluminum Corp of China (Chalco) plummeted 3.68 percent, Yanzhou Coal plunged 3.36 percent, PetroChina jumped 1.81 percent, China Petroleum and Chemical (Sinopec) climbed 1.16 percent, China Shenhua Energy sank 0.70 percent, Gemdale tanked 2.62 percent, Poly Developments declined 1.21 percent, China Vanke tumbled 1.27 percent and China Fortune Land spiked 2.96 percent.

The lead from Wall Street is slightly soft as the major averages opened lower on Friday, and only the NASDAQ was able to break through to finish in the green.

The Dow shed 74.71 points or 0.21 percent to finish at 35,369.09, while the NASDAQ gained 32.32 points or 0.21 percent to close at 15,363.52 and the S&P 500 fell 1.52 point or 0.03 percent to end at 4,535.43. For the week, the NASDAQ jumped 1.5 percent, the Dow eased 0.2 percent and the S&P rose 0.6 percent.

The choppy trading on Wall followed the Labor Department’s monthly employment report, which showed much weaker than expected job growth in August.

The report suggested the delta variant of the coronavirus is weighing on the labor market, although the data could also lead the Federal Reserve to push back its plans to begin scaling back stimulus.

A separate report released by the Institute for Supply Management showed U.S. service sector growth slowed from a record pace in August.

Crude oil prices drifted lower on Friday amid worries about demand following the smaller than expected increase in U.S. non-farm payrolls last month. West Texas Intermediate crude oil futures ended down $0.70 or 1 percent at $69.29 a barrel; WTI crude futures gained 0.8 percent in the week.

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