Asian markets recover, China SSEC stages solid comeback +5%

FXStreet (Mumbai) – Chinese equities halted its downslide and reversed previous losses, swinging back sharply higher in today’s trade so far as markets view the recent slump as excessive, while the latest Government efforts to prop up the market also seems to be finally paying off.

Moreover, better than expected China CPI data may also have calmed fears about China slowdown, lending a helping hand for the Chinese equities to stabilize.

While rest of the Asian indices are seen recovering with Kospi and ASX turning positive, while the Nikkei recovers more than half its slide. Improving markets sentiment seems to have aided the recovery across Asia.

Among Asian indices, Nikkei on Tokyo is now losing -0.19, Australia’s ASX trades +0.30%. While South Korea’s Kospi is advancing 0.34%. While China’s Shanghai Composite Index (SSEC) reversed previous losses and is rallying nearly 6% to trade above 3700 levels.

SSEC Technical Levels

The index has an immediate resistance stands at 3800. Meanwhile, support is seen at 3507 levels and from here to 3385 levels.

Chinese equities halted its downslide and reversed previous losses, swinging back sharply higher in today’s trade so far as markets view the recent slump as excessive, while the latest Government efforts to prop up the market also seems to be finally paying off.

(Market News Provided by FXstreet)