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China Shares May See Continued Support

The China stock market on Friday ended the two-day losing streak in which it had surrendered more than 50 points or 1.9 percent. The Shanghai Composite Index now rests just shy of the 2,750-point plateau and it may extend its gains on Monday.

The global forecast for the Asian markets is positive thanks to upbeat U.S. employment data and a bump in crude oil prices. The European and U.S. markets were higher Friday and the Asian bourses are expected to open in similar fashion.

The SCI finished modestly higher on Friday following gains from the financials, properties and resource stocks.

For the day, the index gained 13.35 points or 0.49 percent to finish at 2,747.23 after trading between 2,691.02 and 2,768.87. The Shenzhen Composite Index perked 7.31 points or 0.48 percent to end at 1,535.98.

Among the actives, Bank of China added 0.56 percent, while Industrial and Commercial Bank of China climbed 1.15 percent, China Construction Bank collected 0.78 percent, China Merchants Bank jumped 1.57 percent, China Life perked 0.71 percent, China Petroleum and Chemical (Sinopec) shed 0.63 percent, PetroChina picked up 0.27 percent, China Shenhua Energy advanced 0.94 percent, Baoshan Iron spiked 1.69 percent and China Vanke gathered 0.69 percent.

The lead from Wall Street is firm as stocks opened higher Friday with the release of solid U.S. employment data and remained in the green throughout the session.

The Dow added 99.74 points or 0.41 percent to 24,456.48, the NASDAQ gained 101.96 points or 1.34 percent to 7,688.39 and the S&P 500 was up 23.21 points or 0.85 percent to 2,759.82. For the week, the Dow was up 0.8 percent, the NASDAQ added 2.4 percent and the S&P gained 1.5 percent.

The positive momentum came after the Labor Department reported that employment in the U.S. increased more than expected in June - although the jobless rate bounced higher after temporary school jobs ended for the summer.

Crude oil prices rose Friday after the U.S. oil rig count unexpectedly climbed last week. WTI light sweet oil was up 83 cents to $73.77 an ounce. Bargain hunters swooped in after oil slipped from a recent four-year high.

by RTTNews Staff Writer

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