Chinese equities are the best day since August as authorities worry about the market and the economy

Major Chinese stock indexes on Friday posted their best daily gains since early August, ending another ugly week, as Beijing authorities made appeasing comments on the health of the economy after gross domestic product third quarter, weaker than expected. .

Shanghai

SHCOMP, + 2.58%

up 2.6% to mark its best rise in one session since August 7, according to data from FactSet, while the Shenzhen Composite

399,106, + 2.58%

also jumped 2.6%, its best session since August 9th. Both indices were down sharply to start Friday's session.

For the week however, the Shanghai index recorded a second consecutive weekly decline, down 2.2%. At its current pace, the Shanghai index records its worst month, down 9.6% since January 2016, when it dropped 23%. The Shenzhen has closed the week on 2.5%, recording its third consecutive weekly loss, while the stock market gauge is also planning its biggest weekly decline, down 12.3% since the first month of 2016.

China's GDP grew 6.5% over the same quarter of the previous year, down slightly from 6.7% growth in the previous quarter and analysts' expectations for growth in 6.6%. The pace was worse in China since the first quarter of 2009. But investors have apparently been comforted by statements by Chinese banking regulators wanting to stay calm.

Deputy Prime Minister Liu said in an interview with the state-run Xinhua News Agency that Beijing is promoting a healthy stock market and that financial regulators have recently announced further reform measures. .

Liu said China attaches great importance to the health of its stock market, and said the trade disputes between the United States and China affect feelings. "Frankly, the psychological impact is more important than the real impact," he said.

Liu's comments follow those of the Governor of the People's Bank of China and regulators of banks and securities, all of whom called on investors to remain calm. Guo Shuqing, the head of the bank and insurance, said the "abnormal fluctuations" in China's stock markets did not reflect the country's economic fundamentals and "stable financial system," the Wall Street Journal reported.

Lily: China's growth slows to the lowest since the financial crisis

Hong Kong stocks also rebounded that day, thanks to the Hang Seng index.

HSI, + 0.42%

closing up 0.4% after falling nearly 1% earlier. The index fell 1% for the week, marking its fourth consecutive weekly loss. Tencent shares

7:00 + 0.36%

gained 0.6%, sunny and sunny optics

2382 + 1.03%

closed the session up 0.8%, both shares having suffered a sharp decline previously.

Nikkei from Japan

NIK -0.56%

However, the machinery sector fell, down 0.6%, the Komatsu manufacturer

6301 -3.12%

loss of 3.1%. The Nikkei recorded a weekly decline of 0.7%, its third straight. In the technology sector, shares in Sharp Corp. fell 3.4%

6753, -3.37%

and those for Nintendo

7974 -3.96%

fell 4% following gains from the Japanese yen earlier in Asian time.

In other cases, South Korea, Kospi

SEU, + 0.37%

Taiwan's Taiex, rose 0.4%.

Y9999, -0.35%

0.4%, the Australian ASX 200

XJO, -0.05%

fell by 0.1%, while New Zealand's benchmark

NZ50GR, -1.22%

closed 1.2% lower. Reference indices in Singapore

IST -0.23%

and Malaysia

FBMKLCI, -0.34%

both ended modestly lower.

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