The China stock market has moved lower in three straight trading days, sliding almost 30 points or 0.9 percent along the way. The Shanghai Composite Index rests just above the 3,260-point plateau although it may stop the bleeding on Monday.
The global forecast for the Asian markets is solid thanks to upbeat employment data from the United States and another bounce in crude oil prices. The European and U.S. markets were up and the Asian bourses figure to follow suit.
The SCI finished modestly lower on Friday following losses from the insurance companies and mixed performances from the financials and properties.
For the day, the index sank 10.85 points or 0.33 percent to finish at 3,262.08 after trading between 3,261.31 and 3,287.19. The Shenzhen Composite shed 0.6 percent to end at 1,858.49.
Among the actives, Agricultural Bank of China shed 0.27 percent, while Bank of China lost 0.74 percent, Industrial and Commercial Bank of China collected 0.18 percent, Vanke skidded 1.17 percent, Gemdale added 0.68 percent, China Life plummeted 2.37 percent, Ping An Insurance tumbled 1.85 percent and PetroChina gained 0.86 percent.
The lead from Wall Street is positive as stocks moved higher on Friday, allowing the Dow to hit yet another record high.
The Dow rose 66.71 points or 0.3 percent to 22,092.81, the NASDAQ edged up 11.22 points or 0.2 percent to 6,351.56 and the S&P added 4.67 points or 0.2 percent to 2,476.83. For the week, the NASDSAQ fell 0.4 percent, the S&P rose 0.2 percent and the Dow added 1.2 percent.
The strength followed the closely watched Labor Department report, which showed employment jumped more than expected in July. The data generated optimism about the economic outlook, although it also raised concerns about the possibility of future interest rate hikes.
Also, the Commerce Department said the trade deficit narrowed more than expected in June amid rising exports and falling imports.
Crude oil futures rose Friday as industry data showed the U.S. rig count fell. West Texas Intermediate oil for September delivery rose 1.1 percent to $49.58/bbl.
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