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China Shares In Line For Further Damage On Monday

The China stock market has finished lower in back-to-back sessions, sliding almost 50 points or 1.6 percent along the way. The Shanghai Composite Index now rests just shy of the 3,160-point plateau and it figures to extend its losing streak on Monday.

The global forecast for the Asian markets is negative thanks to geopolitical concerns after U.S. strikes in Syria. The European markets were up, and the U.S. bourses were down - and the Asian markets figure to follow the latter lead.

The SCI finished modestly lower on Friday following losses from the financial shares and the oil and insurance companies.

For the day, the index dropped 21.11 points or 0.66 percent to finish at 3,159.05 after trading between 3,155.51 and 3,197.90. The Shenzhen Composite Index slid 5.89 points or 0.32 percent to end at 1,834.38.

Among the actives, Bank of China dropped 1.02 percent, while Industrial and Commercial Bank of China shed 0.82 percent, Agricultural Bank of China lost 0.77 percent, Bank of Communications dipped 0.48 percent, China Construction Bank fell 0.65 percent, PetroChina skidded 1.42 percent, China Petroleum and Chemical (Sinopec) tumbled 1.59 percent, China Life retreated 1.46 percent, Ping An Insurance slid 0.81 percent and China Vanke plunged 1.88 percent.

The lead from Wall Street suggests mild consolidation as stocks failed to hold an initial upward move on Friday and finished in the red - offsetting gains from the previous session.

The Dow slid 122.91 points or 0.50 percent to 24,360.14, the NASDAQ dropped 33.60 points or 0.47 percent to 7,106.65 and the S&P fell 7.69 points or 0.29 percent to 2,656.30. For the week, the NASDAQ surged 2.8 percent, the S&P gained 2 percent and the Dow added 1.8 percent.

The initial strength was a positive reaction to earnings news from financial giants JPMorgan Chase (JPM), Citigroup (C), and Wells Fargo (WFC) - which all beat estimates.

Buying interest waned shortly after the open, however, ahead of this week's earnings news that includes Bank of America (BAC), Goldman Sachs (GS), Johnson & Johnson (JNJ), IBM (IBM), American Express (AXP), and General Electric (GE).

Crude oil futures surged amid expectations OPEC has re-balanced the oil markets with its supply quota plan. The cartel is determined to put a floor under oil prices around $70 a barrel, analysts say. WTI sweet crude was up 32 cents or 0.5 percent to $67.39/bbl for a weekly gain of 8.8 percent.

by RTTNews Staff Writer

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