An uncertain start for some Asian stock markets following Thursday’s drubbing evolved into broad gains Friday as trading progressed. Still, the region will post big weekly declines absent a huge move higher by the day’s end.
Japan recovered from early weakness, with the Nikkei NIK, +0.46% closing 0.5% higher, but leaving it with a weekly decline of 4.7%.
Chinese stocks, weak early after their worst day in 2½ years, slid to session lows following the release of September trade data, but managed to pare losses or turn higher amid the broader rally in Asia. The Shanghai Composite SHCOMP, +0.91% was up 0.5%, while and the Shenzhen Composite 399106, +0.19% traded near unchanged.
Hong Kong stocks opened higher following Thursday’s beatdown and helped lead gains. The Hang Seng HSI, +2.12% was up 1.7% after a 17-month closing low Thursday. A technical indicator suggests the Hang Seng’s finish Thursday put the index at its most-oversold level since the start of 2016. After a record 10 straight drops, Tencent 0700, +8.01% was up nearly 6%. Meanwhile, insurer AIA 1299, +4.05% gained 2.5%.
Benchmark indexes in New Zealand NZ50GR, +1.40% South Korea SEU, +1.51% and Taiwan Y9999, +2.44% all of which saw their worst days in at least 7 years Thursday, were putting in strong gains. Indexes in Singapore STI, +0.71% and Malaysia FBMKLCI, +1.30% also rose, while Australia’s ASX 200 XJO, +0.20% edged higher.