On Friday, most Asian stocks dropped, thus capping a week, which witnessed bursts of bargain-buying as well as steep rebounds in beaten-down sectors, including banks.
This week, Australian S&P ASX 200 soared 3.9%, its best weekly result since November, though on Friday, the benchmark was down 0.8%, as energy shares lost stream in tandem with a decrease in crude prices.
Japanese Nikkei Stock Average went up 8% for the week, though it turned 1.4% for the day. Many financial analysts are assured that this week appeared to be the first sign of change in this year.
On Friday, both the Shanghai Composite Index as well as Hang Seng Index demonstrated lower results, down 0.4% and 0.1% respectively. However, this week those markets have also recovered right after abrupt selling a bit earlier in this month, when concerns regarding the health of European banks and dips in Japan’s equities generated turmoil in global financial markets.
South Korean Kospi leapt 0.4% on Friday, thus putting itself up 4.4% for the week.
The sharp gains of this week became possible because global markets greatly tumbled this year and it gave a distinct prompt to hunt for extra bargains.