Asian stocks bounced around Thursday, with Chinese markets oscillating wildly, losing as much as 6 percent at one point, but swinging back into the black and finishing 1 percent higher.
The Shanghai Composite Index bounced into positive territory after earlier tumbling as much as 6.5 percent, but many fund managers doubted that any extended recovery was starting. There did not seem to be any fresh, concrete news behind the rebound. While the market may have established a short-term floor at technical support, it remains unclear if the floor will hold in the longer term. Pudong Development Bank was up 5 percent after shareholders approved a 20 billion yuan ($2.8 billion) equity sale plan, as expected, but the bank reported a 64 percent jump of net profit in 2007 and predicted a profit rise of at least 50 percent this year.