China Stock Market Overdue For Consolidation

China's stock market has risen in eight consecutive sessions, rising more than 300 points or 10.9 percent along the way. The Shanghai Composite Index now sits just above the 3,000 plateau, although investors can lock in gains on Monday.

The global forecast for Asian countries. markets is cautiously optimistic about earnings optimism, although profit-taking may occur later in the day. European and US markets posted mostly modest gains and Asian stocks will follow suit.

The SCI closed slightly higher again on Friday following gains in financial, real estate and resource stocks.

During the day, the index gained 16.52 points or 0.55 percent to end at 3,004.88 after trading between 2,979.97 and 3,009.14.

Among assets, Industrial and Commercial Bank of China rose 1.11 percent, while Bank of China advanced 0.88 percent, China Construction Bank raised 0.56 percent, China Merchants Bank added 0.46 percent, Bank of Communications rose 1.41 percent, China Life rose 0.16 percent, Jiangxi Copper soared 2.14 percent, China Aluminum Corporation (Chalco) strengthened 1, 15 percent, Yankuang Energy lost 0.66 percent, China Petroleum and Chemical (Sinopec) sank 0.78 percent, Petrochina fell 1.52 percent, China Shenhua Energy plummeted 2.40 percent , Gemdale jumped 1.87 percent. Poly Development rose 0.10 percent, China Vanke gained 0.49 percent, Haitong Securities improved 0.33 percent, Wanhua Chemical Group fell 1.50 percent and Huaneng Power was unchanged.

Wall Street's lead is uninspired, as the major averages opened solidly higher on Friday but faded as the day progressed, with the NASDAQ ending in the red.

The Dow added 62.43 points or 0.16 percent to finish at 39,131.53, while the Nasdaq sank 44.78 points or 0.28 percent to close at 15,996.82 and the S&P 500 rose 1.77. points or 0.03 percent to close at 5,088.80.

During the holiday-shortened week, the S&P 500 rose 1.7 percent, the NASDAQ jumped 1.4 percent and the Dow Jones advanced 1.3 percent.

The initial bullish move reflected an extension of the rally seen during Thursday's session, which came on the heels of upbeat earnings news from AI darling Nvidia (NVDA).

However, buying interest waned shortly after the start of trading as traders took a breather from Thursday's surge.

Crude oil futures closed sharply lower on Friday as concerns about the demand outlook and recent data showing a rise in U.S. crude inventories weighed on prices. West Texas Intermediate crude oil futures for April fell $2.12 or 2.65 percent to $76.49 a barrel.

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