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Chinese shares rally as momentum spreads Chinese shares rally as momentum spreads
(about 5 hours later)
Chinese shares continued to rally on Friday, gaining momentum from Thursday's rebound as government measures to support the volatile market start to have an impact. Chinese shares continued to rally on Friday, gaining momentum from Thursday's dramatic rebound as drastic government measures to support the volatile market started to have an impact.
The Shanghai Composite was up 4.8% to 3,887.68 in early trade after ending the previous session higher nearly 6%. The Shanghai Composite jumped 5.1% to 3,899.02 after ending the previous session up nearly 6%.
The move upwards is a sharp contrast to stocks losing a third of their value since mid-June despite support efforts. The government intervened after stocks had fallen by third since mid-June.
Hong Kong's Hang Seng was up 1.9% to 24,854.76 - as contagion fears eased. Hong Kong's Hang Seng was up 2.3% to 24,958.88.
China's measures to stem the sell-off so far include banning short-selling, threatening to arrest people speculating in the market, allowing state-owned pension funds to buy stocks, along with injecting money into the market through margin lending. Measures to stem the sell-off have included banning major investors from selling shares, and ordering others to buy, although there were a number of companies' shares that could not be traded at all as they were suspended during the rout.
But Evan Lucas, market strategist at trading firm IG said the government's response to the past 18 days of turmoil would "create perceptions that further liberalisations and free market principles will be abandoned as Beijing grapples with additional regulations". Other moves include a ban on short-selling, a suspension of initial public offerings along with injecting money into the market through margin lending.
"This will create longer-term issues," he added. 'Backfire'
These strong moves by the government to restore order in the market could backfire, according to Evan Lucas, market strategist at trading firm IG: "[It's] firm response to the past 18 days of turmoil does "create perceptions that further liberalisations and free market principles will be abandoned as Beijing grapples with additional regulations".
"This will create longer-term issues," he added, as analysts started to question what will happen to the market once those measures are removed.
Greece's proposalGreece's proposal
The rest of Asia was also higher after Greece proposed new reforms in its bid to strike a deal with creditors in the debt crisis.The rest of Asia was also higher after Greece proposed new reforms in its bid to strike a deal with creditors in the debt crisis.
Greece's new measures to boost revenue included getting rid of tax breaks for islands - paving the way for a cash-for-reform deal with creditors.Greece's new measures to boost revenue included getting rid of tax breaks for islands - paving the way for a cash-for-reform deal with creditors.
Japan's Nikkei 225 index was 0.4% to 19,925.27 - erasing earlier losses. Japan's Nikkei 225 index finished down 0.4% to 19,779.83 - erasing earlier gains and ending with its biggest weekly fall since October - down 3.7%.
In Tokyo, the dollar rose to 121.69 yen from 121.34 yen in US trade. The benchmark index was dragged down by Uniqlo owner Fast Retailing, whose stocks fell 6% on its weak domestic sales outlook for the current quarter.
Australian shares, however, headed higher in early trade, with mining stocks up on a jump in iron ore prices overnight. Rises
The benchmark S&P/ASX 200 index was up 0.7% to 5,508.50. Australian shares, however, headed higher with mining stocks up on a jump in iron ore prices overnight.
Price of Australia's biggest export, iron ore, rose about 10% - but it still remains at half the level of a year ago. The benchmark S&P/ASX 200 index ended up 0.4% to 5,492.00.
Shares of heavyweight miners BHP Billiton and Rio Tinto were up 1.9% and 2.1%, respectively. The price of Australia's biggest export, iron ore, rose about 10% - but it still remains at half the level of a year ago.
Shares of heavyweight miners BHP Billiton and Rio Tinto were up 3.2% and 2.4%, respectively.
In South Korea, shares headed higher despite data showing that import prices fell for the 34th consecutive month in June, but the pace of declines eased.In South Korea, shares headed higher despite data showing that import prices fell for the 34th consecutive month in June, but the pace of declines eased.
The Bank of Korea said import prices in won terms fell 14% in June from a year ago - marking the smallest drop since December.The Bank of Korea said import prices in won terms fell 14% in June from a year ago - marking the smallest drop since December.
The benchmark Kospi index was up 0.3% to 2,034.17 points. The benchmark Kospi index closed up 0.2% to 2,031.17 - posting its worst week in over two years by losing 3.5%.