Asian shares ended higher Friday with Chinese markets showing signs of recovery from a slump the day before.
Shanghai’s SSE rose 0.95 percent to end at 2,767 while Tokyo’s Nikkei 225 inched up 0.3 percent to finish at 16,188. Hong Kong’s Hang Seng jumped 2.5 percent to end at 19,364.
Earlier Friday, China’s top central banker said the country won’t weaken the yuan, according to media reports.
“China won’t use competitive devaluation to enhance export competitiveness,” Zhou Xiaochuan, governor of the People’s Bank of China, reportedly told a news conference ahead of a G-20 meeting taking place Friday and Saturday in Shanghai.
Esprit, which lost considerable ground on Thursday, rose 0.6 percent to end at 6.86 Hong kong dollars. Chow Tai Fook advanced 0.7 percent to 4.50 Hong Kong dollars. Fast Retailing inched up 1 percent to 31,540 yen. Shiseido rose 1.1 percent to end at 2,474 yen.
Investors voiced their disappointment with Global Brands’ annual figures, which the company released yesterday. The apparel maker and distributor said its net profit grew 5.6 percent as sales dipped 0.9 percent. Its shares tanked 4.8 percent to finish at 1 Hong Kong dollar.