China’s stock market is expected to rebound on Monday

(RTTNews) – China’s stock market has alternated between positive and negative results over the past four trading days since ending a three-day losing streak in which it fell nearly 55 points or 1, 7%. The Shanghai Composite Index now sits just above the 3,250-point plateau, although it is expected to rebound again on Monday.

The global forecast for Asian markets is upbeat thanks to optimism about corporate earnings, as well as support from the energy and technology sectors. European and US markets were solidly higher and Asian exchanges are expected to open similarly.

The SCI ended slightly lower on Friday after losses in financial stocks, real estate stocks and resource companies.

For the day, the index fell 29.34 points or 0.89% to end at 3,253.24 after trading between 3,246.37 and 3,294.80. The Shenzhen Composite Index fell 22.00 points or 1.00% to end at 2,181.25.

Among assets, Industrial and Commercial Bank of China fell 0.23%, while Bank of China fell 0.33%, China Construction Bank lost 0.71%, China Merchants Bank fell 1.98 %, Bank of Communications lost 0.43%, China Life Insurance fell 0.82%, Jiangxi Copper slipped 1.00%, Aluminum Corp of China (Chalco) rose 0.86%, Yankuang Energy plunged 3.32%, PetroChina fell 0.95%, China Petroleum and Chemical (Sinopec) fell 0.24%, Huaneng Power climbed 1.01%, China Shenhua Energy fell 2, 23%. %, Gemdale fell 1.84%, Poly Developments fell 1.83%, China Vanke fell 2.49% and China Fortune Land fell 2.97%.

Wall Street’s advance is positive as major averages opened higher on Friday and accelerated as the day progressed, ending near session highs.

The Dow Jones jumped 315.53 points or 0.97% to end at 32,845.13, while the NASDAQ jumped 228.09 points or 1.88% to end at 12,390.69 and the S&P 500 gained 57.86 points or 1.42% to close at 4,130.29.

For the week, the NASDAQ climbed 4.7%, the S&P climbed 4.3% and the Dow gained 3.0%. The three-day rally also capped off a strong month for stocks, with major averages posting their best monthly gains since 2020.

Wall Street’s continued strength reflected a positive reaction to the latest batch of earnings news from big companies like Amazon (AMZN) and tech giant Apple (AAPL) – though others like Intel (INTC) and Proctor & Gamble (PG) disappointed.

Crude oil prices rose sharply after the Energy Information Administration said US crude inventories fell last week. West Texas Intermediate crude oil futures for September ended up $2.20 or 2.3% at $98.62 a barrel. WTI crude futures gained 4.1% during the week but fell 6.8% during the month.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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