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Chinese shares turn positive after rout Chinese shares recover early losses after rout
(35 minutes later)
Mainland Chinese shares reversed early losses on Tuesday, following Monday's suspension of trading, which led to a global equities sell-off. Mainland Chinese shares recovered early losses amid volatile swings, following Monday's suspension of trading, which led to a global equities sell-off.
The Shanghai Composite was up 0.7% at 3,321.87 after opening more than 3% lower, while the Hang Seng also changed direction to head up 0.1% to 21,342.09. The Shanghai Composite was down 0.4% at 3,321.87 after opening more than 3% lower, while the Hang Seng also changed direction to head up 0.1% to 21,342.09.
Trading in Shanghai was suspended early on Monday after it triggered a new circuit breaker mechanism.Trading in Shanghai was suspended early on Monday after it triggered a new circuit breaker mechanism.
The 7% fall spooked global markets. But regulators said on Tuesday it may restrict stock sales to stem falls.
The China Securities Regulatory Commission said that it would consider restricting the proportion of shares that major shareholders could sell during a given period of time.
Analysts said investors were waiting to see if Beijing could stem the latest selling in Chinese stocks and whether more measures would be introduced.
But Bernard Aw, market strategist at trading firm IG said Beijing was arguably more concerned about economic growth than the stock market.
"Furthermore, it could look really bad if they have to throw in more measures when they are in the process of withdrawing the rescue measures," he said in a note.
The circuit breaker rule that suspended trading nationwide for the first time on Monday was created after sharp falls last summer and was meant to curb market volatility in China.
Monday's 7% fall spooked global markets.
Overnight, US benchmark indexes lost up to 2% as concerns grew that the dive in the Chinese stocks was the start of another volatile period after last summer's dramatic market rout.Overnight, US benchmark indexes lost up to 2% as concerns grew that the dive in the Chinese stocks was the start of another volatile period after last summer's dramatic market rout.
Oil continues to weigh
The addition of escalating tensions in the Middle East on oil prices also dented investors' confidence.The addition of escalating tensions in the Middle East on oil prices also dented investors' confidence.
Oil prices were flat after rising as much as 4% on the brewing dispute between Saudi Arabia and Iran.Oil prices were flat after rising as much as 4% on the brewing dispute between Saudi Arabia and Iran.
South Korean shares also headed higher after a senior finance ministry official told Reuters that the government would take action to stabilise the market if needed, following Monday's steep plunge. South Korean shares also headed higher after a senior finance ministry official said that the government would take action to stabilise the market if needed, following Monday's steep plunge.
The Kospi was up 0.2% to 1,922.62 points. The Kospi was up 0.7% to 1,932.69 points.
Asia's biggest market - Japan's Nikkei 225 index was down 0.4% to 18,369.77, while Australia's S&P/ASX 200 lost 0.9% to 5,222.90. Japan's Nikkei 225 index also recovered losses to head up 0.2% to 18,494.76, but Australia's S&P/ASX 200 lost 1% to 5,220.60.
Analysts said investors were waiting to see if Beijing could stem the latest selling in Chinese stocks and whether more measures would be introduced.
The circuit breaker rule that suspended trading nationwide for the first time on Monday was created after sharp falls last summer and was meant to curb market volatility in China.