On Thursday, China's securities regulator stemmed the slide in shares there by forbidding selling by shareholders with large stakes in listed firms - the Chinese markets having booked major losses in eight of the 10 previous trading days.
The 30% share slide during the past three weeks was estimated to have cost the markets $US3.2trillion ($NZ4.8trillion) in value.
The week ended with 1473 Chinese companies, or 51.1%, listed on the Shanghai and Shenzhen bourses remaining in suspension, the Chinese regulators having forbidden shareholders with more than 5% of a listed company's stock not to sell for six months.
Greece is this weekend expected to submit proposals to its international lenders for a cash-for-reforms deal, Reuters reported.
Craigs Investment Partners broker Peter McIntyre cautioned there was still ''plenty of risk'' surrounding China and Greece, especially whether the Chinese market ''bounce'' was sustained, given half its listed companies remained under trading suspensions.
Mr McIntyre said the effect of China's share market plunge was expected to have a flow-on effect on the pace of its imports, while in Greece, its future was ''finely balanced'' on the outcome of tomorrow's European Union meeting.
He said there was a early rally on Wall St trading on Thursday, with the indexes closing ''modestly up''.
The Dow Jones Industrial Average ended 1.36% up, the broad-based S&P 500 rose 1.34% and the tech-rich Nasdaq Composite Index jumped 1.48%.
Earlier, the Shanghai Composite rose 5.8%, the Shenzhen rose 3.8% and the Hong Kong Hang Seng, which was also hit hard this week, being host to dual-listed Chinese companies, was up 3.73%.
''Chinese shares made their biggest daily gain in six years, restoring confidence in Beijing's suite of attempts to rescue its struggling stock market,'' Mr McIntyre said.
He said some of the companies which had halted trading in their shares lifted the suspensions, and their stock prices rose by 10%, he said.
Japan's Nikkei gained 0.6%, Australia's S&P/ASX 200 closed up 0.2% and South Korea's Kospi booked a 0.6% gain.
Mr McIntyre said with new optimism Greece can reach a debt deal with its creditors this weekend, European investors came back into the markets, with stocks surging by their highest levels in the past fortnight.
''The [Greece] reforms are thought to include tax rises and pension changes,'' Mr McIntyre said.
The Greek proposals will be studied by euro zone finance ministers today, then a full European Union summit tomorrow.
Oil prices rose after a spate of losses, as the rebound in Chinese stocks somewhat eased concerns about financial turbulence in the world's biggest energy consumer, AFP reported.
European shares rallied more than 2% when Prime Minister Alexis Tsipras rushed to finalise a package of Greek tax hikes and pension reforms needed to win a new aid lifeline. Without a euro injection it would have to print another currency.
Irish Finance Minister Michael Noonan said he saw a better than 50% chance of a deal by tomorrow's deadline after a ''distinct change of mood''.
''The realistic proposal from Greece will have to be matched by an equally realistic proposal on debt sustainability from the creditors,'' European Council President Donald Tusk said, in Luxembourg.
''Only then will we have a win-win situation.''
- additional reporting from Reuters
