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China shares up 5.15% in late afternoon trade
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CHINESE shares were up 5.15 percent shortly before the close of trading today, recovering from the worst fall in more than six years early in the week, dealers said.
The benchmark Shanghai Composite Index surged 163.28 points to 3,336.33.
The Shenzhen Composite Index, which tracks stocks on China's second exchange, gained 2.39 percent, or 35.35 points, to 1,512.19.
The Shanghai market started to recover yesterday on better-than-expected economic growth figures and comments by the market regulator which denied that an ongoing crackdown on margin trading aimed to "suppress" a rally that sent the Shanghai market up more than 50 percent in 2014.
On Monday, the Shanghai index had tumbled 7.70 percent, its biggest fall since June 2008, after authorities moved to rein in risky margin trading business.
"The driving force of the rally hasn't changed and there are buying opportunities after the market correction," BOC International analyst Shen Jun told AFP.
"The economic figures released yesterday were not bad and they didn't seem to bring any unexpected negative news," he said.
China said yesterday that the economy expanded 7.4 percent last year, down from 7.7 percent in 2013 and the weakest since 1990. But it beat the median forecast of 7.3 percent in an AFP survey.
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