BEIJING (AP) – Chinese stocks were volatile Friday and other Asian markets rebounded a day after a sharp sell-off in China rattled global markets.
The Shanghai Composite Index was up 2.4 percent at 3,199.56 by early afternoon after swinging between gains and losses. Analysts said the market was likely being supported by buying from Chinese government entities.
Trading in Chinese stocks was suspended Thursday after a key index plunged 7 percent. China’s stock markets have little connection to the rest of its economy, but two sharp price declines this week have focused attention on the slowdown in Chinese growth.
Stocks worldwide and oil fell on concern about weaker Chinese demand. The Dow Jones industrial average sank 2.3 percent and the Standard & Poor’s 500 lost 2.4 percent on Thursday. The Nasdaq composite index fell 3 percent.
European markets also fell. Germany’s DAX slid 2.3 percent, France’s CAC 40 gave up 1.7 percent, and Britain’s FTSE 100 lost 2 percent.