It was a mixed day for the Asian markets on Wednesday. Chinese markets recovered in late afternoon while Japanese markets reached the lowest levels in the year 2010 and were mainly hit by reports of weak exports.

China’s Shanghai Composite Index was revived in the late afternoon and increased by 2.8% to close at 2583.87 points. It had earlier fallen to a low of 2,501.12 in afternoon trading session.

Japan’s Nikkei finished 1% down at 9439.13 points which is the lowest this year. Australian markets were 0.1% higher while South Korea’s Kospi declined by 0.3%. Taiwanese markets were also down by 1.1%.

India’s BSE Sensex gained by 0.2% and Singapore markets were also up 0.3%.

There was a strong rally in the share prices of banking stocks in the Chinese market. The upcoming IPO of the Agricultural Bank of China is also expected to do very well. Experts also claim that the Chinese Government is taking steps to ensure that the upcoming issue does well in the share market. The bank hopes to raise between $20 billion and $30 billion from its upcoming IPO.

The investors were still bothered by the prevailing problems in the European Union.

The Japanese markets continued to remain under pressure. Share of auto Companies like Honda, Toyota and Nissan were down by 2.8%, 1.3% and 3.6% respectively.