Asia: Chinese stocks recover to lead rally

Asian markets lifted across the board on Friday thanks to a host of measures by Beijing to stall the sell-off in Chinese markets, while investors remained hopeful of Greek debt crisis ending.

Markets rose after the Chinese government unleashed measures such as forcing major shareholders to stop selling and start buying, suspending stocks and allowing central bank funds to buy shares.

The Shanghai Composite Index was up 4.55%, after notching up its worst session since 2009 earlier in the week.

Innovation market ChiNext was up by 4.11% to 2,535.89, while China’s secondary market - the ShenZhen Exchange - gained 4.1% to 2035.26.

Hong Kong’s Hang Seng index closed up 2.41% to 24,980, recovering after investors shunned from the Chinese markets sold Hong Kong stocks to raise funds.

Investec said in a note Chinese investors will hope for positive data next week to restore sentiment.

The big figures to watch out for in China will be its second quarter GDP figure and industrial production figures, analysts said.

The Japanese Nikkei 225 fell slightly to 0.38% to 19,779.83, buoyed by more positive market sentiment. The yen was trading at ¥122.36 to the dollar.

Down under, the ASX closed up 0.38% to 5,492 as energy stocks lifted the index following a 3% oil price rise. The Australian exchange was led by resource firms Liquefied Natural Gas, Arrium and Western Areas.