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| Chinese shares up 4.5% as momentum spreads | |
| (35 minutes later) | |
| 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. | 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 closed up 4.5% at 3,877.80 after ending the previous session up nearly 6%. | |
| The government intervened after stocks had fallen by third since mid-June. | The government intervened after stocks had fallen by third since mid-June. |
| Hong Kong's Hang Seng was closed up 2.08% to 24,901.28. | |
| 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. | 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. |
| Other moves include a ban on short-selling, a suspension of initial public offerings along with injecting money into the market through margin lending. | Other moves include a ban on short-selling, a suspension of initial public offerings along with injecting money into the market through margin lending. |
| 'Backfire' | '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: "[Its] 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. | "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 proposal | Greece'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 finished down 0.4% to 19,779.83 - erasing earlier gains and ending with its biggest weekly fall since October - down 3.7%. | 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%. |
| 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. | 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. |
| Rises | Rises |
| Australian shares, however, headed higher with mining stocks up on a jump in iron ore prices overnight. | Australian shares, however, headed higher with mining stocks up on a jump in iron ore prices overnight. |
| The benchmark S&P/ASX 200 index ended up 0.4% to 5,492.00. | The benchmark S&P/ASX 200 index ended up 0.4% to 5,492.00. |
| The price of Australia's biggest export, iron ore, rose about 10% - but it still remains at half the level of a year ago. | 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. | 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 closed up 0.2% to 2,031.17 - posting its worst week in over two years by losing 3.5%. | The benchmark Kospi index closed up 0.2% to 2,031.17 - posting its worst week in over two years by losing 3.5%. |