Beijing - Chinese stocks rebounded Wednesday, but markets in the rest of Asia plunged a day after a dive at the Shanghai and Shenzhen markets reverberated to the United States and then back to Asia. 《恶灵骑士》Ghost Rider预告片 酷。
The lone exception to Wednesday's declines was the market that set off the shockwaves. Bargain hunting sent China's key Shanghai Composite Index up 3.94 per cent to 2,881.07, a day after it fell 8.8 per cent in its biggest one-day drop in 10 years.
The Shanghai and Shenzhen 300 Index, which tracks shares on both of China's yuan-denominated exchanges, rose 3.5 per cent to close at 2544.57, a day after a 9.2-per-cent fall.
But in Japan, the Nikkei 225 Stock Average plunged 2.85 per cent to close at 17,604.12, and the Topix index of all first-section issues saw an even larger percentage drop at 3.23 to 1,752.74.
Hong Kong's Hang Seng Index dove 2.46 per cent to 19,651.51, its largest fall since November, while India's Sensex index slid 4.01 per cent to 12,938.09 and South Korea's benchmark Kospi index slumped 2.56 per cent to 1,417.34.
The Philippines saw the biggest plunge of the day, shedding 7.92 per cent of its value, its biggest drop in nine years amid massive selloffs.
The 30-share Philippine Stock Exchange index lost 263.84 points to close at 3,067.45 as losers swamped gainers 159 to four.
'The selloffs in the US and China markets have caused worldwide jitters,' said Astro del Castillo, managing director at First Grade Holdings Inc.
The New Zealand Stock Exchange - the first in the world to open and close for the day - saw its benchmark index of its top 50 companies, the NZSX-50, fall 1.5 per cent to 4,037.12 while Australia's benchmark ASX200 tumbled 2.7 per cent to 5,832.
China's markets set off a global itch to sell that saw European stocks fall Tuesday before the US markets gave up all their gains for the year.
The blue-chip Dow Jones Industrial Average dropped 3.29 per cent to close at 12,216.24, the S&P 500 plunged 3.47 per cent to 1,399.04, and the technology-heavy Nasdaq Composite Index plummeted 3.86 per cent to 2,407.87.
Analysts in China blamed profit-taking, the inflated prices of many stocks and rumours over new government taxation policies for the turbulence on their market Tuesday.
'Although the market index was at a high level and people were expecting a correction, what happened was astonishing,' market analyst He Jun told the official China Daily.
Market rumours about a possible capital gains tax 'could have been a major trigger for such a plummet, promoting profit-taking,' the newspaper quoted He as saying.
But He added that Chinese stock markets were likely to continue to rise this year, following gains of 130 per cent in the Shanghai Composite Index last year.
Other analysts in China welcomed the plunge, saying it would help to reduce the effect of inflated share prices on the markets.
Castillo in the Philippines concurred, saying, 'This is definitely a good reality check, and for the Philippines' market, it's a major correction that we have been waiting for.'
Dong Chen, a senior analyst at CITIC China Securities, said investors were unlikely to be satisfied by annual corporate reports scheduled to be released by many Chinese companies.
'Their performance will provide no support for the high share prices,' Dong told the newspaper.
Tuesday's fall was 'a good thing because it will pave the way for a healthy market in the long run,' he said.
The price-to-earnings ratio of shares on China's yuan-denominated Shanghai and Shenzhen markets was roughly double that of the global average, indicating 'growing risks,' the newspaper quoted experts at Xiang Cai Securities as saying.
While Chinese stocks bounced back Wednesday, other markets took deep bites in morning trading before regaining some ground before the close.
Japan's Nikkei, for instance, lost more than 700 points in its morning session, its biggest drop since the 2001 terrorist attacks in New York and Washington, before closing at a 515.8-point loss. In New Zealand, the NZSX-50 was down more than 3 per cent before recovering half that amount at its close.
In New Zealand, prices of every stock but one fell during the morning, but analysts said institutional investors began buying after lunch after deciding the Chinese fall was an overdue correction.
Some market watchers said the corrections was likely to spark future gains.
In the Philippines, dealers expressed confidence that the plunge could lead to a fresh buying spree in the coming days amid renewed confidence in the country's economy.
Sarah Rubicon, an analyst with the brokerage Goldman Sachs JB Were in Sydney, said there was no panic in Australia, and buyers came back into the market later in the day to pick up stocks cheaply.
On other markets, Singapore's benchmark Straits Times Index fell 3.7 per cent to 3,111.9, the Stocks Exchange of Thailand Index fell 1 per cent to 672.13, the Jakarta Stock Exchange Composite Index closed down 1.3 per cent at 1,7408.971, and Pakistan's Karachi Stock Exchange 100 Index fell 1.38 per cent to 11,221.55.
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