Beijing, China (BBN) – Chinese shares extended their recovery on the last day of a volatile week which started with shock losses that spread fear to global markets.
The mainland’s benchmark Shanghai Composite was up by 1.1 per cent at 3,123.04 points in early trade, reports BBC.
With these gains adding to Thursday’s recovery, investors hope that the panic and sell-off has died down for now.
Stocks elsewhere in Asia also continued their rebound, helped by a strong finish for US shares.
In Hong Kong, the Hang Seng index was higher by 1.6 per cent at 22,186.30 points.
Japan inflation flatlining
Japan’s benchmark Nikkei 225 saw the strongest gains of Asia’s big markets, climbing 2.4 per cent higher to 19,020.56.
Morning trade in Tokyo extended Thursday’s recovery on the region’s largest stock market after its sharp losses earlier in the week.
Investors were also looking at fresh data showing Japanese inflation fell back to zero in July, raising speculation that the central bank would launch a fresh round of stimulus.
In Australia, the S&P/ASX 200 was higher by 0.5 per cent at 5,259.60 points.
Marking the end of week of earnings reports, the country’s supermarket giant Woolworths reported a 12.5 per cent drop in full year profit, its first fall in at least 19 years.
Woolworth shares were 0.5 per cent higher despite the poor numbers.
South Korea’s benchmark Kospi was 1.2 per cent higher at 1,930.30 points in early trade.
The recovery across Asia took its cue partly from China’s recovery but also the strong sentiment from the US.
Shares on Wall Street had risen over night and oil prices jumped after revised figures showed the US economy grew by far more than had been thought between April and June.