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China shares end week almost 8% lower

Business Desk |
Update: 2015-08-28 06:26:00
China shares end week almost 8% lower

DHAKA: Chinese shares ended the week almost 8% lower after volatile trading that started on Monday with shock losses and spread fear to global markets.

On Friday, the mainland's benchmark Shanghai Composite closed up 4.8% at 3,232 points, reports bbc.com

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

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.

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

BDST: 1627 HRS, AUG 28, 2015
RS

** Chinese shares higher on back of global rebound

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