China Shares Likely To Remain Rangebound


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(RTTNews.com) - The China stock market has alternated between positive and negative finishes through the last five trading days since the end of the four-day winning streak in which it had advanced almost 70 points or 2.1 percent. The Shanghai Composite Index now rests just above the 3,120-point plateau and it figures tick higher again on Monday.

The global forecast for the Asian markets is flat to higher following support from the crude oil prices. The European markets were up and the U.S. bourses were flat and the Asian markets figure to split the difference.

The SCI finished modestly lower on Friday following weakness from the properties and a mixed performance from the financial shares.

Among the actives, Agricultural Bank of China collected 0.29 percent, while Industrial and Commercial Bank of China shed 0.20 percent, Bank of China added 0.28 percent, Vanke lost 0.48 percent, Gemdale fell 0.56 percent, PetroChina picked up 0.13 percent and Zijin Mining was unchanged.

The lead from Wall Street provides little clarity as stocks were mixed but little changed on Friday after M&A news and a mild bump in crude oil prices.

The Dow added 24.38 points or 0.11 percent to 21,384.28, while the NASDAQ fell 13.74 points or 0.22 percent to 6,151.76 and the S&P gained 0.69 points or 0.03 percent to 2,433.15. For the week, Dow added 0.5 percent, the S&P gained 0.1 percent and the NASDAQ fell 0.9 percent.

In corporate news, Amazon ( AMZN ) agreed to buy grocery chain Whole Foods Market Inc. (WFM) for $13.4 billion. Also, Walmart (WMT) will acquire Bonobos, Inc. for $310 million.

In economic news, the U.S. Commerce Department said housing starts fell 5.5 percent to an annual rate of 1.092 million in May, and there was also a decline in building permits. Also, the University of Michigan said its preliminary consumer sentiment fell in June.

July WTI oil gained 28 cents or 0.6 percent to $44.74/bbl. WTI oil prices posted a weekly loss of 2.4 percent, down a fourth week in a row.

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This article appears in: Politics , Stocks , World Markets , US Markets , Oil
Referenced Symbols: ACGBY , AMZN , BACHY , IDCBY , PTR


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