China's main stock indexes bounced higher on Friday after suffering brutal losses a day earlier, as investors snapped up battered bargains and as Chinese exports showed unexpectedly strong growth in September.
At the close, the Shanghai Composite index was 0.9 per cent higher at 2,606.91 points, after touching near four-year lows on Thursday amid a global sell-off. The index was down 7.6 percent for the week, its worst weekly performance since early February.
The blue-chip CSI300 index closed 1.49 per cent higher, with its financial sector sub-index rising 1.67 per cent, the consumer staples sector up 3.43 per cent, the real estate index 2.56 per cent higher and healthcare sub-index up 1.41 per cent. The CSI300 fell 7.8 percent for the week, also its worst weekly performance since February.
The smaller Shenzhen index ended up 0.19 per cent and the start-up board ChiNext Composite index was 0.517 per cent higher. ** China's vast export engine unexpectedly kicked into higher gear in September, producing a record trade surplus with the United States that could exacerbate the already-heated dispute between Beijing and Washington.
Around the region, MSCI's Asia ex-Japan stock index was 1.96 per cent firmer, while Japan's Nikkei index closed up 0.46 per cent. ** At 0707 GMT, the yuan was quoted at 6.9127 per U.S. dollar, 0.35 percent weaker than the previous close of 6.8888. The offshore yuan was changing hands at 6.9080 around 0709 GMT, 0.46 percent weaker than the previous day's close.
The largest percentage gainers in the main Shanghai Composite index were YanTai Yuancheng Gold Co Ltd, up 10.08 per cent, followed by Cisen Pharmaceutical Co Ltd, gaining 10.03 per cent and Xuancheng Valin Precision Technology Co Ltd, up by 10.02 per cent.
The largest percentage losses in the Shanghai index were Routon Electronic Co Ltd down 10.09 per cent, followed by Beijing North Star Co Ltd losing 10.03 per cent and Beijing Huaye Capital Holdings Co Ltd down by 10.03 per cent.
So far this year, the Shanghai stock index is down 21.2 per cent, the CSI300 has fallen 21.3 per cent while China's H-share index listed in Hong Kong is down 12.1 percent.
Shanghai stocks have declined 7.6 percent this month. ** About 17.01 billion shares were traded on the Shanghai exchange, roughly 146.1 percent of the market's 30-day moving average of 11.64 billion shares a day. The volume in the previous trading session was 19.72 billion.
As of 0708 GMT, China's A-shares were trading at a premium of 22.80 per cent over the Hong Kong-listed H-shares. ** The Shanghai stock index is below its 50-day moving average and below its 200-day moving average.
The price-to-earnings ratio of the Shanghai index was 11.01 as of the last full trading day, while the dividend yield was 2.9 per cent.
So far this week, the market capitalisation of the Shanghai stock index has fallen by 8.43 per cent to 27.56 trillion yuan.
(With inputs from agencies.)