Weaker-than-expected GDP data and a sharp Thursday selloff couldn’t dent Chinese stocks on Friday.
Greater China markets made a strong comeback on Friday afternoon, following a series of measures announced by Chinese leaders to support the struggling stock market.
After a turbulent morning following weaker-than-expected GDP data and a sharp sell-off the day before, shares in the mainland rebounded, rising more than 2 percent.
By market close, the Shanghai composite and the Shenzhen composite had surged 2.58 percent, while the Nasdaq-style Chinext index went up 3.18 percent. Hong Kong’s Hang Seng index rose 0.51 percent as at 3.21 p.m. HK/SIN.
Thursday had seen a sell-off in the mainland Chinese markets, with the Shanghai index seeing its lowest point since November 2014.
Investors had also been jittery after China’s GDP numbers were released, showing that economic growth slowed to 6.5 percent year-over-year in the third quarter. That missed expectations for 6.6 percent growth, according to analysts polled by Reuters. Friday’s print was the weakest pace since the first quarter of 2009.
But on Friday morning, the heads of the People’s Bank of China, the Securities Regulatory Commission and the Banking and Insurance Regulatory Commission all issued statements expressing support for the stock market and positive economic fundamentals.
