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China Bourse Predicted To Open In The Green

The China stock market has climbed higher in back-to-back sessions, gathering almost 35 points or 1.2 percent along the way. The Shanghai Composite Index now rests just above the 2,910-point plateau and it's likely to open higher again on Monday.

The global forecast for the Asian markets is broadly positive on solid economic data and a spike in crude oil prices. The European and U.S. markets were firmly higher on Friday and the Asian bourses are tipped to follow that lead.

The SCI finished modestly higher on Friday following mixed performances from the financials, properties and oil and insurance companies.

For the day, the index gained 12.54 points or 0.43 percent to finish at the daily high of 2,912.01 after moving as low as 2,894.75. The Shenzhen Composite Index gained 13.36 points or 0.82 percent to end at 1,640.33.

Among the actives, Industrial and Commercial Bank of China shed 0.35 percent, while China Merchants Bank and Ping An Insurance both collected 0.08 percent, China Life Insurance dropped 0.78 percent, PetroChina rose 0.18 percent, China Petroleum and Chemical (Sinopec) eased 0.20 percent, Baoshan Iron was up 0.19 percent, Gemdale fell 0.25 percent, Poly Developments perked 0.54 percent, China Vanke gained 0.22 percent and Bank of China and China Construction Bank were unchanged.

The lead from Wall Street is firm as stocks moved sharply higher on Friday as the major averages extended recent gains.

The Dow jumped 337.26 points or 1.22 percent to 28,015.06, while the NASDAQ climbed 85.83 points or 1.00 percent to 8,656.53 and the S&P 500 rose 28.48 points or 0.91 percent to 3,145.91. For the week, the Dow and NASDAQ fell 0.1 percent and the S&P added 0.2 percent.

The rally on Wall Street came after the Labor Department's closely watched monthly jobs report showed much stronger than expected U.S. job growth in November - while the unemployment rate fell to 3.5 percent.

Adding to the positive sentiment, preliminary data released by the University of Michigan showed a much bigger than expected improvement in U.S. consumer sentiment in December.

Crude oil prices rose sharply on Friday after Saudi Arabia and Russia agreed on further output curbs. West Texas Intermediate Crude oil futures for January ended up $0.77 or 1.3 percent at $59.20 a barrel, the highest settlement since September 17.

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