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Asian Shares End Higher as Shanghai Recovers
Chinese investors look for reassurance from global finance officials meeting in Shanghai
Shanghai’s benchmark index closed higher Friday after a 6.4% drop on Thursday. Above, an investor watches the electric board that rough day in Huaibei, Anhui province.
By CHAO DENG
Updated Feb. 26, 2016 3:05 a.m. ET
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Markets in Asia traded mostly higher Friday, with Chinese shares ultimately edging up after a choppy trading session, recovering from the previous day’s tumble.
The Shanghai Composite Index finished up 1% at 2767.21, as a meeting in Shanghai of the Group of 20 industrialized nations got under way. A sharp decline in mainland shares Thursday had ratcheted up pressure on China to address global anxiety about its economy and financial markets at the meeting of finance ministers and central bankers.
The recent volatility in China’s stock market appeared to have little impact on the region’s shares. On Friday, the Hang Seng Index surged 2.8%, while Japan’s Nikkei Stock Average was up 0.3%. South Korea’s Kospi rose 0.1%, though Australia’s S&P ASX 200 was roughly flat.
At a news conference ahead of the evening’s meeting of finance chiefs from the G-20, China’s top central banker, Zhou Xiaochuan, sought to reassure China’s trading partners that Beijing won’t drastically weaken the Chinese currency and that Beijing has sufficient tools to support the economy.
China’s yuan traded roughly steady from its level late yesterday, with authorities guiding the currency slightly weaker against the U.S. dollar for the fourth session in a row. The local currency was last at 6.5368 yuan to one U.S. dollar, compared with a rate of 6.5320 late in the day Thursday in Asia.
A greater-than-expected fall in the yuan both last summer and this January had sparked worries that China’s economy was doing worse than the government was letting on, jolting markets around the world.
The Australian dollar traded up near its highest levels this year against the U.S. dollar, ahead of the Reserve Bank of Australia’s policy-setting board next Tuesday. The bank is expected to keep rates steady at 2.0% although investors will be watching whether the bank indicates rising displeasure with the level of the currency.
In Japan, electronics maker Sharp fell 11% after Taiwanese iPhone assembler Foxconn said late Thursday it is delaying the signing of an agreement to take over Sharp. Foxconn, formally known as Hon Hai Precision Industry, is reviewing Sharp’s newly disclosed contingent liabilities totaling roughly ￥350 billion (3.1 billion dollars).
—Lingling Wei, Kosaku Norioka and James Glynn contributed to this article.
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