China Markets Live - China stocks reverse course and rally into close; Hong Kong tempers losses
Shenzhen stocks jump after companies pledge not to sell shares; Chinese regulators step up efforts to support stock markets
Welcome to the SCMP’s live China markets. The intense volatility in Chinese markets into 2016 due to the implementation of the circuit breaker has roiled world financial markets. Investors are increasingly focused on the broader question of how this episode might affect the wider economy of the country. We’ll bring you the key levels, trading statements, price action and other developments as they happen.
Here is a summary of market action so far today:
- Shanghai benchmark climbs 2 per cent to close above 3,000, recovering all the losses
- Shenzhen Composite jumps 3.8 per cent after companies on startup board pledge not to sell shares in at least six months
- Hong Kong's Hang Seng Index finishes 0.6 per cent lower, paring an earlier decline
5:40 pm By Laura He
Major Asia stock markets mostly pulled back on Thursday, tracking steep declines on Wall Street overnight. Japan's Nikkei Average retreated 2.7 per cent to 17,240.95, the lowest close in more than three months. The index advanced 2.9 per cent on Wednesday. Australia's S&P/ASX 200 gave up 1.6 per cent to end at 4,909.40, and South Korea's Kospi Composite Index settled 0.9 per cent lower at 1,900.01. India's Sensex moved down 0.4 per cent to 24,764.35 in afternoon trade.
Meantime, oil prices picked up in Asian trade Thursday, as the WTI crude futures gained 0.8 per cent to US$30.69 a barrel. The Brent futures traded flat at US$30.30 a barrel, after briefly touching a low of US$29.73. Overnight, WTI closed higher for the first time in eight sessions in New York, while Brent fell further in London.