Investors monitor screens showing stock market movements at a brokerage house in Shanghai. Chinese shares closed up 3.44% at 3,789.17 points yesterday.

AFP/Tokyo


Shanghai stocks recovered yesterday after plunging more than 11% in the past three sessions but there were mixed results for other Asian markets, with some unable to sustain a morning rally.
Buyers were given a healthy lead from Wall Street, which climbed Tuesday for the first time after five sessions of losses as dealers await a key US Federal Reserve policy meeting later in the day.
Shanghai closed up 3.44% or 126.17 points at 3,789.17 on easing concerns about government measures to support share prices instituted at the start of the month to prevent a market meltdown.
Hong Kong rose 0.47%, or 115.51 points, to 24,619.45 and Sydney advanced 0.71%, or 39.52 points, to end at 5,624.2.
Tokyo ended 0.13%, or 25.98 points, lower at 20,302.91 and Seoul was marginally down, shedding 1.48 points to 2,037.62. The region started with a burst after US and European bourses surged Tuesday after the previous day’s losses that were sparked by Shanghai’s 8.48% Monday plunge—its worst in eight years.
In other markets, Bangkok gained 0.67%, or 9.42 points, to 1,417.49; telecoms company Advanced Info Service added 2.06% to 248baht, while Airports of Thailand rose 1.38% to 293baht.
Jakarta ended up 0.38%, or 17.96 points, at 4,732.72; palm-oil producer Astra Agro Lestari gained 1.10% to 20,700 rupiah, while Bank Central Asia fell 1.15% to 12,850 rupiah.
Kuala Lumpur lost 0.04%, or 0.71 points, to 1,698.99; Sime Darby fell 1.06% to 8.42 ringgit, Tenaga Nasional dipped 0.82% to 12.14, while Public Bank added 0.32% to 18.84 ringgit.
Taipei fell 0.22%, or 19.01 points, to 8,563.48; Taiwan Semiconductor Manufacturing Co closed 1.12% higher at Tw$135.5 while Hon Hai Precision added 1.67% to Tw$91.5.
Singapore closed 0.09%, or 2.91 points, higher at 3,284.00; oil-rig maker Keppel Corp fell 1.38% to Sg$7.84 and Singapore Airlines rose 0.53% to Sg$11.42 ahead of the release of its first quarter earnings report.
Wellington shed 0.38%, or 22.39 points, to end at 5,870.77; Air New Zealand was up 1.34% at NZ$2.65 and Spark lifted 1.22% to NZ$2.90.
Manila was flat, edging up 3.80 points to 7,482.83; Philippine Long Distance Telephone was down 0.42% at 2,876 pesos, Metrobank gained 0.34% to 88.80 pesos and BDO Unibank added 0.91% to 99.50 pesos.
Wall Street snapped a five-day losing streak thanks to strong earnings from shipping giant UPS as well as a bump in petroleum stocks.
The Dow climbed 1.08%, the S&P 500 gained 1.24% and the Nasdaq jumped 0.98%.
That followed healthy rises in London, Paris and Frankfurt.
“Often when a lot of stocks get washed out, we get a rebound,” Nader Naeimi, Sydney-based head of dynamic asset allocation at AMP Capital Investors, told Bloomberg News.
The US central bank ends a two-day policy meeting yesterday and traders will be poring over its comments to get a handle on its plans for raising interest rates.
While expectations are for an increase in either September or December, Naeimi said the events in China and elsewhere would likely have an impact on policymakers’ decision-making.
“The Fed will be focused on global conditions. What’s happening globally can’t be totally ignored,” said Naeimi.
On currency markets the dollar eased to ¥123.44 from ¥123.56 in New York, while the euro changed hands at $1.1073 and ¥136.78 against $1.1058 and ¥136.64.
Oil prices continued to fall on worries about the global economy as well as a worldwide supply glut.
US benchmark West Texas Intermediate for September delivery slipped 14 cents to $47.84 a barrel and Brent crude for September gave up 13 cents to $53.17.
Gold fetched $1,096.20 an ounce compared with $1,091.80 late Tuesday.