Asian shares rose
on Friday as Chinese shares edged back from the previous day's dizzying
plunge, though regional investors remained fearful that the world's
best performing equity market was at the beginning of a major
correction.
Spreadbetters expected Britain's FTSE .FTSE, Germany's DAX .GDAXI and France's CAC .FCHI to open higher, albeit modestly in light of persisting Greek debt woes.
Buoyed by China, Australia .AXJO and South Korea <.KS11??, the MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS climbed 0.5 percent, but looked set to slip 1.5 percent on the week. It has gained nearly 7 percent so far this year.
Japan's Nikkei .N225 inched up to a 15-year high and was on track for an 11-day winning streak and a fifth straight month of gains amid hopes for better shareholder returns. [.T]
After swinging wildly in and out of the red, the Shanghai Composite Index .SSEC was last up 0.5 percent.
"The correction is not yet over," said David Dai, Shanghai-based investment director at Nanhai Fund Management Co Ltd.
"Yesterday's slump was too rapid, so many investors didn't have time to flee. Many are still seeking an exit. The market has risen too much, and too fast, so the confluence of bad news is causing panic selling."
Investors took a cautiously positive view on the euro as Greek debt talks grind on. The single currency was up 0.1 percent at $1.0957 after pulling away from a one-month low of $1.0819 EUR=.
The dollar retreated against the yen, fetching 123.73 yen JPY= after scaling 124.46 overnight, its highest since 2002.
The greenback was knocked off the peak as Japanese government officials used stronger language to describe recent moves, with Finance Minister Taro Aso saying the yen's recent drop had been "rough."
The dollar index .DXY was little changed at 96.912, pulling back from a one-month high of 97.775 struck on Wednesday.
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| Pedestrians walk next to an electronic board showing the graph of the recent fluctuations of the Japan's Nikkei average outside a brokerage in Tokyo, Japan, May 28, 2015. |
Buoyed by China, Australia .AXJO and South Korea <.KS11??, the MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS climbed 0.5 percent, but looked set to slip 1.5 percent on the week. It has gained nearly 7 percent so far this year.
Japan's Nikkei .N225 inched up to a 15-year high and was on track for an 11-day winning streak and a fifth straight month of gains amid hopes for better shareholder returns. [.T]
After swinging wildly in and out of the red, the Shanghai Composite Index .SSEC was last up 0.5 percent.
"The correction is not yet over," said David Dai, Shanghai-based investment director at Nanhai Fund Management Co Ltd."Yesterday's slump was too rapid, so many investors didn't have time to flee. Many are still seeking an exit. The market has risen too much, and too fast, so the confluence of bad news is causing panic selling."
Investors took a cautiously positive view on the euro as Greek debt talks grind on. The single currency was up 0.1 percent at $1.0957 after pulling away from a one-month low of $1.0819 EUR=.
The dollar retreated against the yen, fetching 123.73 yen JPY= after scaling 124.46 overnight, its highest since 2002.
The greenback was knocked off the peak as Japanese government officials used stronger language to describe recent moves, with Finance Minister Taro Aso saying the yen's recent drop had been "rough."
The dollar index .DXY was little changed at 96.912, pulling back from a one-month high of 97.775 struck on Wednesday.
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