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Asian shares bounce back from losses Chinese shares slide despite government support
(about 5 hours later)
Asian markets traded higher on Tuesday, recovering losses made a day earlier on fears that Greece would exit the eurozone, after voting no to bailout conditions from creditors. Mainland Chinese shares have fallen further despite more measures from the government to stem the sell-off in the volatile market.
Greeks rejected more austerity measures on Sunday, deepening the debt crisis which sent markets tumbling on Monday. Over the weekend, brokerages and fund managers vowed to buy stocks, helped by a state-owned margin finance firm, which in turn would be helped with liquidity from the central bank.
Investors were awaiting the Greek government's new proposals to be unveiled at an emergency bloc meeting. Despite this, the Shanghai Composite was down 1.5% at 3,732.13 on Tuesday.
Japan's benchmark Nikkei 225 was up 1.4% to 20,389.47 in early trade. That comes despite signs of heavy money flows into Shanghai's blue chip stocks.
The euro also rebounded from Monday's one week low to $1.1045 against the dollar. State media said 21 brokerages had put more than 128bn yuan ($20.6bn; £13bn) into a stabilisation fund to meet their weekend pledges to support the market.
It bought 135.47 yen, slightly below 135.50 in New York trade. About 57 mutual fund houses were also reported to have started buying equities using 2.16bn yuan of their own money.
China sharply lower However, the significant downtrend in the market is raising concerns about whether policymakers have the ability to stabilise the market.
Chinese shares opened lower with the Shanghai Composite down 1.8% to 3,706.81 despite more measures from the government to stem the sell-off in the market. Local reports said more than 200 Chinese-listed firms would halt trading of their shares, in an attempt protect themselves from the falling stock markets.
Over the weekend, brokerages and fund managers vowed to buy massive amounts of stocks, helped by China's state-owned margin finance company, which in turn would be helped with liquidity from the central bank. But Bernard Aw, market strategist at trading firm IG, said he expected authorities to continue to "implement stronger measures until the stock market stabilises".
Bernard Aw, market strategist at trading firm IG, said he expected authorities to continue to "implement stronger measures until the stock market stabilises". In Hong Kong, the Hang Seng index fell 0.8% to 25,039.93.
Reports said that about 25% of Chinese listed firms had requested to have their shares halted from trading on Tuesday. Samsung shares
Meanwhile, Hong Kong's Hang Seng index was higher 0.3% to 25,321.72 - trading in the opposite direction. The rest of Asian markets experienced mixed fortunes, with some recovering losses seen on Monday on fears that Greece would exit the eurozone after the "no" vote in Sunday's referendum.
In South Korea, the benchmark Kospi index was down 0.1% to 2,051.87. Investors were awaiting the Greek government's new proposals to be unveiled at an emergency eurozone meeting later in the day.
Shares of Samsung Electronics were higher by over 2% despite the tech giant's earnings guidance falling short of expectations for the second quarter. Japan's benchmark Nikkei 225 closed up 1.3% to 20,376.59 after falling more than 2% on Monday.
Australia's S&P/ASX 200 index was up 1.8% to 5,572.70 as investors awaited the central bank's decision on interest rates later in the day. The euro was down to 135.28 yen, but still far above a six-week low of 133.70 yen hit on Monday.
The Reserve Bank of Australia is widely expected to keep interest rates at record low of 2% after a cut in May. In South Korea, the benchmark Kospi index ended down 0.7% at 2,040.29 - marking a three-week low.
Shares of Samsung Electronics finished up 0.8% despite the tech giant's earnings guidance falling short of expectations for the second quarter.
Australia's S&P/ASX 200 index ended 1.9% higher at 5,581.40 after the central bank decided to leave interest rates unchanged at a record low of 2%.
The move by Reserve Bank of Australia was widely expected after it had cut rates in May.