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China shares rise in choppy trading | |
(about 4 hours later) | |
Chinese shares were higher on Friday in choppy trade as the government took further action to calm the market. | |
The government restricted 24 trading accounts where it said it had detected abnormal bids or bid cancellations, moves described as malicious selling. | |
The Shanghai Composite Index was up 0.2% at 3,713.54, while Hong Kong's Hang Seng rose 0.3% to 24,564.43. | |
Investors are looking ahead to China's official manufacturing data, which is expected to be released at the weekend. | |
A private manufacturing report last week showed a surprise drop, prompting a plunge in mainland China's shares earlier this week. | A private manufacturing report last week showed a surprise drop, prompting a plunge in mainland China's shares earlier this week. |
Inflation worries | |
In Japan, shares were held back as data showed inflation stalling and an unexpected fall in household spending. | |
The country's benchmark Nikkei 225 index closed slightly higher at 20,585.24 points, up 0.3%. | |
Japan's inflation in June remained at 0.4% while household spending dropped by 2%, significantly more than expected. | |
The weak data is likely to revive deflation fears and increase the pressure for more fiscal policy and monetary easing. | |
Shares in technology giant Sony fell by 1.5% despite the company releasing strong results on Thursday after the Japanese stock market had closed. | |
The company saw its net profit more than triple in the April-to-June quarter, helped by strong sales of its PlayStation 4 games and camera sensors. | The company saw its net profit more than triple in the April-to-June quarter, helped by strong sales of its PlayStation 4 games and camera sensors. |
In South Korea, positive data on business confidence and industrial production lifted shares. | |
The Kospi index closed 0.5% higher at 2,030.16 points. | |
Australia's ASX 200 finished 0.5% up at 5,699.20 points. |