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Mainland Chinese shares recover losses | |
(about 5 hours later) | |
Mainland Chinese shares continued their way higher as more measures to strengthen the market from its recent rout encouraged investors to return. | Mainland Chinese shares continued their way higher as more measures to strengthen the market from its recent rout encouraged investors to return. |
The Shanghai Composite was up 2.8% to 3,984.53, rebounding nearly 20% from the four-month low hit on Thursday. | |
The latest measures from regulators involved cracking down on "grey-market" margin lending, which is flooding the market with leveraged stock bets. | The latest measures from regulators involved cracking down on "grey-market" margin lending, which is flooding the market with leveraged stock bets. |
They will also clamp down on investors creating fake trading accounts. | They will also clamp down on investors creating fake trading accounts. |
Regulators said some institutions and individuals were opening fake accounts using other people's identities. | Regulators said some institutions and individuals were opening fake accounts using other people's identities. |
The Shanghai market is still down more than 20% from its peak on 15 June when its three-week sell-off began, prompting the government to intervene with support measures. | |
In Hong Kong, the Hang Seng index was up 0.2% to 24,948.48 points. | |
Greece deal hopes | Greece deal hopes |
Most Asian shares were higher on hopes for a deal for Greece, despite an emergency summit ending with still no resolution and more deadlines in the debt crisis. | |
Uncertainty about Greece's future in the bloc led the euro to fall initially, down to $1.089. But it recovered losses to trade at $1.1146 in the afternoon. | |
The Nikkei ended up 1.6% to 20,089.77 points after losing 3.7% last week. | |
The euro fell 1% to a low of 135.45 Japanese yen in early trade, but bounced up to 136.65 on rumours that the European Central Bank had agreed to delay a Greek repayment of €3.5bn, which had been due on 20 July. | |
In Australia, the S&P/ASX 200 index closed down 0.3% to 5,473.20, while South Korea's Kospi index finished 1.5% higher at 2,061.52. | |
The benchmark index saw its biggest daily rise in three months. | |
Shares of Hotel Shilla were up 2.3% after it and partners Hyundai Development Engineering & Construction and Hanwha Galleria Timeworld won licences to operate duty-free stores in downtown Seoul. |