Chinese shares rebounded Tuesday, as the benchmark Shanghai Composite Index surged more than 3 per cent in the afternoon trading session, ending at 3,170.45 points, up 2.92 per cent.
The Shenzhen Component Index gained 3.29 per cent to close at 10,320.23 points. The ChiNext Index, which tracks China’s NASDAQ-style board of growth enterprises, soared by 5.68 per cent to close at 2,001.16 points.
Meanwhile, Japan’s Nikkei Stock Average erased all of its 2015 gains. On Tuesday, the Nikkei fell 2.5 per cent to below 17450.77.
Amid losses in emerging-market equities, Indian stocks also tumbled to a 15-month low, with the benchmark index extending losses after posting the worst weekly decline since 2011.
China’s foreign trade in August dropped 9.7 per cent year on year to 2.04 trillion yuan ($320.8 billion), a steeper decline than the 8.8 per cent contraction in July, official data showed Tuesday.
Exports fell 6.1 per cent year on year to 1.2 trillion yuan, compared with an 8.9 per cent drop in July, while imports slumped 14.3 per cent to 836.1 billion yuan, compared with July’s decrease of 8.6 per cent, according to data from the General Administration of Customs (GAC).
China’s trade surplus expanded by 20.1 per cent to 368 billion yuan in August.
Chinese trade data, once again, spurred global demand concerns.
As Beijing looks to infrastructure to support economic growth, China’s top economic planner has given the green light to 77 billion yuan ($12.10 billion) worth of highway and bridge projects on Monday.
TBP and Agencies