Asian stocks bounce back in volatile trade
The Shanghai Composite index seesawed before rising almost six per cent.
Asian investors traded in a choppy session today (July 9th), with most indexes closing higher, reversing earlier losses. The Shanghai Composite index seesawed, falling more than three per cent in the first half hour of trading, before reversing the trend and closing 5.7 per cent higher at 3710.27.
The Chinese regulator renewed efforts to stop the ongoing slide in the country's stock market, which lost £1.5 trillion in three weeks.
The China Securities Regulatory Commission said yesterday that it was banning investors holding more than five per cent of a company's shares from selling any of their holdings for the next six months, according to the Xinhua news agency.
"Volatility will continue, but I suspect the panicky stage of the selloff in China’s share market has run its course," Nader Naeimi, head of dynamic asset allocation at AMP Capital Investors Ltd, told Bloomberg. "So much panic and so much selling climax and washout and the market has only just come down to its 200-day moving average. These are desperate measures and it reflects the immaturity of the market."
Hong Kong's Hang Seng rebounded 3.7 per cent to 24392.79, Japan's Nikkei 225 gained 0.6 per cent to 19855.50 and South Korea's Kospi jumped 0.6 per cent to 2027.81. Australia's S&P/ASX 200 remained flat at 5470.97.
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