China shares end week almost 8pc lower as markets recover

Chinese shares ended the week almost eight per cent lower after volatile trading that started on August 24 (Monday) with shock losses and spread fear to global markets. On Friday, the mainland’s benchmark Shanghai Composite closed up 4.8 per cent at 3,232 points. China’s second bourse, the Shenzhen Composite, closed up 5.4pc to 1,846, but ended the week 9.4pc lower. Other stock markets in Asia also continued their rebound, helped by a strong finish for US shares. Japan’s benchmark Nikkei 225 closed up 3pc at 19,136 points, but the Hang Seng index in Hong Kong reversed earlier gains to close down 1pc. The Hang Seng ended the week 3.6pc lower – its sixth consecutive weekly fall. Dominic Chan, analyst at GF Securities in Hong Kong, said: "Investor confidence remains shaky. Some took profit as they think the rally is not sustainable." Angus Nicholson, an IG Markets analyst, said investors remained concerned about China and when the Federal Reserve will raise US interest rates, according to BBC.
- biplab