Asia: Stability returns to market as Beijing's efforts bear fruit

Efforts of Chinese officials to revive the market appear to have taken effect, as most Asian indices closed higher on Friday, led by strong Wall Street gains.

The Shanghai Composite Index was up 3.5% to 3,957, while the smaller Shenzhen Composite closed higher, up 4.98% to 2190.419.

Meanwhile Hong Kong’s Hang Seng Index was up 1.25% to 25,472.85, and headed for a weekly gain after four straight weeks of loses.

Analysts said it had been a subdued end to the week, with most indices up off receding concerns in Greece and China. Trading also resumed for hundreds of suspended firms.

Meanwhile, Quartz reported in China thousands of investors could be out billions of dollars after investing the world’s largest rare metals trading exchange.

Citing Metal Bulletin, the website said nearly 200 investors in Shanghai gathered to demand their money back from Fanya Metals Exchange after being blocked from accessing billions of yuan.

Japan’s Nikkei 225 up 0.25% to 20,650.92, while the yen was at ¥123.91 against the dollar.

Accendo Markets analysts said the Nikkei benefited from a weak yen after the US Fed chair Janet Yellen testified on Wednesday. Japanese exporters were pleased, said Accendo.

In Korea, the Kospi closed lower by 0.53% to 2,076.79. Shares in Samsung C&T dived by more than 10% after most shareholders approved a vote to merger it with a sister company.

Down under the Australia ASX 200 was the underperformer in the region, down 0.07% to 3,515.0.

The index was lowered by mining stocks losing momentum and despite the index showing improvement, up 0.2% for May.

Metcash closed 10.43% higher at $1.165 on the news it hired two new executives to lead its turnaround efforts, followed by shares in global equities firm Magellan Financial which were up by 3.54% $18.13.