China Stock Market Ends Week Almost 8% Lower

China stock market ended the week almost 8% lower after volatile trading that started on August 24 with shock losses and spread fear to global markets.

On August 28, the mainland’s benchmark Shanghai Composite closed up 4.8% at 3,232 points.

China’s second bourse, the Shenzhen Composite, closed up 5.4% to 1,846 points, but ended the week 9.4% lower.

Other Asian stock markets also continued their rebound, helped by a strong finish for Wall Street.

Photo AFP

Japan’s benchmark Nikkei 225 closed up 3% at 19,136 points, but the Hang Seng index in Hong Kong reversed earlier gains to close down 1%.

The Hang Seng ended the week 3.6% lower – its sixth consecutive weekly fall.

In London, the FTSE 100 also turned negative, after initially rising, to be down slightly at 6,186 points.

In Sydney, the ASX 200 finished 0.6% higher at 5,263 points.

Marking the end of a week of corporate results, the supermarket Woolworths reported a 12.5% drop in full-year profit – its first fall in almost two decades.

However, Woolworths’ shares closed 1.5% higher after the retailer announced a new chief executive in a bid to revive its fortunes.

South Korea’s Kospi index finished 1.6% higher at 1,937 points.

The recovery across Asia took its cue partly from China’s recovery, but also the strong sentiment from the US.

Shares on Wall Street rose overnight and oil prices jumped sharply after revised figures showed the US economy expanded far more than originally thought in the three months to June.