April 17, 2016 - 1:21 PM EDT
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Further Weakness Expected For China Bourse

BEIJING (dpa-AFX) - The China stock market on Friday halted the two-day winning streak in which it had gathered almost 50 points or 1.6 percent. The Shanghai Composite Index settled just shy of the 3,080-point plateau, and the market figures to retreat further again on Monday.

The global forecast for the Asian markets is broadly negative after a weekend meeting of oil producers failed to yield an agreement on production cuts - likely sending crude prices to the downside. The European and U.S. markets were down on Friday, and the Asian bourses figure to follow suit.

The SCI finished barely lower on Friday as losses from the resource stocks were tempered by support from the properties and financials.

For the day, the index dipped 4.24 points or 0.14 percent to finish at 3,078.12 after trading between 3,066.87 and 3,089.95. The Shenzhen Composite Index slipped 3.87 points or 0.20 percent to end at 1,978.58.

Among the actives, Anhui Hengyuan Coal Industry skidded 2.7 percent and Guizhou Panjiang Refined Coal tumbled 3.6 percent.

The lead from Wall Street suggests consolidation as stocks closed slightly lower on Friday following a steep drop by the price of crude oil ahead of the weekend.

The Dow dipped 28.97 points or 0.2 percent to 17,897.46, while the NASDAQ slipped 7.67 points or 0.2 percent to 4,938.22 and the S&P 500 eased 2.05 points or 0.1 percent to 2,080.73. For the week, the S&P 500 jumped 1.6 percent, while the Dow and the NASDAQ both surged 1.8 percent.

Crude oil for May delivery moved lower for the third straight day after hitting its highest closing level since late November earlier in the week.

Traders also digested U.S. economic data, including a Federal Reserve report showing a bigger than expected drop in industrial production in March.

Also, the University of Michigan noted an unexpected deterioration in consumer sentiment in April. Traders shrugged off a report from the New York Fed showing a faster than expected expansion in regional manufacturing activity in April.

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Source: Equities.com News (April 17, 2016 - 1:21 PM EDT)

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