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A slide in Chinese stocks that undermines consumer confidence could also hurt Western firms exposed to the world's second-biggest economy.
China's four-week-long stock market rout has wiped 28% off the Shanghai Composite and inflicted pain on Asian firms exposed to the mammoth economy.
Asian stock markets ended Friday on a positive note as fears surrounding China and Greece eased.
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Asian shares largely staged a turnaround late Thursday, as Chinese markets regained their footing on the back of fresh regulatory support.
Concerns over China's relentless sell-off and Greece's debt crisis sent Asian equity markets into a tailspin on Wednesday.
Mainland shares led losses in a mixed trading session in Asia on Tuesday.
China was the lone bright star in Asia on Monday, after a 'No' vote in Greece ignited a wave of risk aversion.
Stock markets in China extended their selloff on Friday following news that securities regulators are investigating suspected market manipulation.
China's Shanghai Composite index crashed more than 7 percent on Friday, chalking up its worst single-day loss since January 19.
Asian equities mostly advanced on Monday after Greek Prime Minister made a new offer of reforms over the weekend.
Mainland shares suffered a steep correction on Friday, underperforming other regional bourses which followed Wall Street higher.
Chinese stocks crumbled under the weight of IPOs on Thursday, while a dovish Federal Reserve did little to help sentiment.
Asian shares mostly rise on a quiet Friday, with China's Shanghai Composite index edging up to its highest close since January 2008.
Asian equity markets tide over a data-heavy Thursday with advances across the board.
Stock markets in China rode out a volatile session to settle at new seven-year peaks on Friday, while other bourses in the region nursed modest losses.
A majority of Asia's stock markets fell on Wednesday, as upbeat economic data in the region failed to boost trading sentiment.
As regional bourses stumbled on the back of a slew of central bank decisions, Shanghai stocks outperformed on Tuesday.
Shanghai shares hogged the spotlight on Friday, as the key Shanghai Composite index extended losses, while Japan was the "quiet achiever" for the day.
Mainland markets were the biggest losers in the region on Thursday, as fears over tighter requirements on margin financing ignited risk-off sentiment.